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SELF CORRECTION: The process through which a model, especially the market and the aggregate market, automatically adjust to equilibrium through changes in one of the variables. For the standard market, self-correction involves changes in the market price to eliminate shortages and surpluses. For the aggregate market, self-correction involves changes in wages, which shift the short-run aggregate supply curve and move the aggregate market from short-run equilibrium to long-run equilibrium.
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MARGINAL REVENUE PRODUCT CURVE A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"My life as a writer consists of 1/8 talent and 7/8 discipline. " -- John Irving, writer
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BLUE
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