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July 3, 2025 

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MARGINAL FACTOR COST CURVE, MONOPSONY: A curve that graphically represents the relation between marginal factor cost incurred by a monopsony for hiring an input and the quantity of input employed. A profit-maximizing monopsony hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a monopsony with market control is positively sloped and lies above the average factor cost curve.

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TANGENCY: A geometric condition that occurs when two curves touch at a single point with identical slopes at that point. This condition of tangency surfaces in several different areas of economic analysis, including indifference curve analysis (tangency between an indifference curve and budget line) and monopolistic competition (tangency between demand curve and long-run average cost curve). The tangency between two curves should be contrasted with the condition of intersection, in which two cross at a single point but do not have identical slopes.

     See also | intersection | graph | economic analysis | indifference curve | budget line | monopolistic competition | demand curve | excess capacity |


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UNEMPLOYMENT PROBLEMS

The two key problems resulting from unemployment of resources, especially the unemployment of labor, are personal hardships and lost production. The owners of the unemployed resources suffer personal hardships due to the lack of income. The rest of society also suffers from unemployment due to the lack of available production.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for letters from the Internal Revenue Service.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"Far and away the best prize that life has to offer is the chance to work hard at work worth doing."

-- Theodore Roosevelt, 26th US president

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