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COMPENSATING WAGES: Different wages paid in different workers or in different markets that adjust for differences in the jobs or in the productivity of the workers. Wage differentials occur for many reasons. Quite often they are the result of the personal preferences of workers. In some cases workers are willing to "buy" leisure-time or other types of household production by taking lower labor market wages. Differences in job risks, education, and location are also reasons for the persistence of wage differentials.
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TOTAL VARIABLE COST CURVE A curve that graphically represents the relation between total variable cost incurred by a firm in the short-run production of a good or service and the quantity produced. When constructing this curve, it is assumed that total variable cost changes as a result of changes in the quantity of output produced, while other variables like technology and resource prices are held fixed. The total variable cost curve is one of three total cost curves, the other two are total cost curve and total fixed cost curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a large green chalkboard shaped like the state of Maine or a replacement battery for your pocket calculator. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"What you get by achieving your goals is not as important as what you become by achieving your goals." -- Zig Ziglar
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IMF
International Monetary Found
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