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FIXED INPUT: An input in the production of goods and services that does not change in the short run. A fixed input should be compared with a variable input, an input that DOES change in the short run. Fixed and variable inputs are most important for the analysis of short-run production by a firm. The best example of a fixed input is the factory, building, equipment, or other capital used in production. The comparable example of a variable input would then be the labor or workers who work in the factory or operate the equipment. In the short run (such as a day or so) a firm can vary the quantity of labor, but the quantity of capital is fixed.

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Lesson 5: Demand | Unit 5: Scarcity Page: 19 of 20

Topic: Unlimited Wants <=PAGE BACK | PAGE NEXT=>

Demand is closely related to the scarcity problem, especially unlimited wants and needs.
  • Scarcity arises because society has limited resources but unlimited wants and needs.
  • The connection between demand and scarcity is:
    • The demand side of the markets comes directly from the unlimited wants and needs side of the scarcity problem, and
    • The supply side of the market comes from the limited resources side of the scarcity problem.

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AVERAGE REVENUE CURVE

A curve that graphically represents the relation between average revenue received by a 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 firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for pencil sharpeners with an attitude.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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