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DETERMINANT: A ceteris paribus factor that is held constant when a curve is constructed. Changes in these factors then cause the curve to shift to a new location. The most common determinants are demand determinants for the demand curve (income, preferences, other prices, buyers' expectations, and number of buyers) and supply determinants for the supply curve (resource prices, technology, other prices, buyers' expectations, and number of buyers). Other common curves and their determinants include: production possibilities curve (technology, education and the quantities of labor, capital, land, and entrepreneurship); aggregate demand curve (the four aggregate expenditures of consumption, investment, government purchases, and net exports); and short-run average cost curve (technology, wages, and other production cost).
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MARGINAL FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive firm 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 perfectly competitive firm with no market control is horizontal.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for a thesaurus filled with typos.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"The only thing that will stop you from fulfilling your dreams is you. " -- Tom Bradley, former Los Angeles mayor
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IO
Industrial Organization
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