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NONTARIFF BARRIER: Any sort of trade barrier--other than a tariff or import quota--that restricts imports. Some of the more popular nontariff barriers are those that specify the content of a good or how it was produced. There are many valid and important safety, health, and environmental reasons for establishing these sorts of nontariff barriers.
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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. " -- Harold S. Green, MCI founder
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MRS
Marginal Rate of Substitution
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