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MARGINAL COST AND DIMINISHING MARGINAL RETURNS: Decreasing then increasing marginal cost that gives rise to a U-shaped marginal cost curve reflects increasing then decreasing marginal returns. In particular the decreasing marginal returns is caused by the law of diminishing marginal returns. As such, the law of diminishing marginal returns affects not only the short-run production of a firm but also the cost of production in the short run.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 17 of 20

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  • How the market equilibrium can be disrupted by simultaneous shifts in the demand and supply curves.
  • The four possible double shifts in the market: more demand and less supply, more demand and more supply, less demand and less supply, and less demand and more supply.
  • That an increase in demand and an increase in supply results in an increase in quantity and an indeterminant change in price.
  • That an increase in demand and a decrease in supply results in an increase in price and an indeterminant change in quantity.
  • That a decrease in demand and a decrease in supply results in a decrease in quantity and an indeterminant change in price.
  • That a decrease in demand and an increase in supply results in an decrease in price and an indeterminant change in quantity.


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UNEMPLOYED PERSONS

People who are NOT actively engaged in the production of goods and services, but ARE actively seeking employment in the production of goods and services. This is one of three official categories used to classify individuals by the Bureau of Labor Statistics (BLS) based on information obtained from the Current Population Survey. The other two categories are employed persons and not in the labor force. The sum of employed persons and unemployed persons constitute the civilian labor force.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"After climbing a great hill, one finds many more hills to climb. "

-- Nelson Mandela, president of South Africa

JPUBE
Journal of Public Economics
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