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TOTAL PRODUCT AND MARGINAL PRODUCT: A mathematical connection between marginal product and total product stating that marginal product IS the slope of the total product curve. If the total product curve has a positive slope (that is, is upward sloping), then marginal product is positive. If the total product curve has a negative slope (downward sloping), then marginal product is negative. If the total product curve has a zero slope (horizontal), then marginal product is zero. Moreover, if the total product curve has a positive and increasingly steeper slope, then the marginal product is positive and rising. If the total product curve has a positive and decreasingly steeper slope, then the marginal product is positive but falling.

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SUPPLY INCREASE

An increase in the willingness and ability of sellers to sell a good at the existing price, illustrated by a rightward shift of the supply curve. An increase in supply is caused by a change in a supply determinant and results in an increase in equilibrium quantity and a decrease in equilibrium price. A supply increase is one of two supply shocks to the market. The other is a supply decrease.

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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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