|
|
MARGINAL COST CURVE: A curve that graphically represents the relation between marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables, like technology and resource prices, constant. The marginal cost curve is U-shaped. Marginal cost is relatively high at small quantities of output, then as production increases, declines, reaches a minimum value, then rises. This shape of the marginal cost curve is directly attributable to increasing, then decreasing marginal returns (and the law of diminishing marginal returns).
Visit the GLOSS*arama
|
|
|
|
|
NOVEL INFORMATION Information received by the five senses (sight, sound, taste, touch, and smell) that is new, different, and unusual. Because novel information has the potential to be threatening it triggers an automatic response through what is commonly termed the "fight or flight" reaction. Novel information is evaluated in contrast to redundant information, which is familiar and presumably nonthreatening.
Complete Entry | Visit the WEB*pedia |
|
|
|
Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
|
|
|
"Habit is a cable; we weave a thread of it each day, and at last we cannot break it. " -- Horace Mann, educator
|
|
ACCR
Annual Cost of Capital Recovery
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
