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DECREASING RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in a proportionately smaller increase in production. Decreasing returns to scale exists if a firm increases ALL resources -- labor, capital, and other inputs -- by 10%, and output increases by less than 10%. You might want to compare increasing returns to scale and constant returns to scale.
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AVERAGE REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a perfectly competitive firm's output.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Defeat is not the worst of failures. Not to have tried is the true failure." -- George E. Woodberry, Author
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TSE
Toronto Stock Exchange
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