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U-SHAPED COST CURVES: The family of short-run cost curves consisting of average total cost, average variable cost, and marginal cost, all of which have U-shapes. They are U-shaped because each has high but falling cost at low quantities of output, which then reaches a minimum, then has rising cost at larger quantities of output. Although the average fixed cost curve is not U-shaped, it's occasionally included with the other three just for sake of completeness.

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Lesson 14: Production | Unit 3: Product Curves Page: 13 of 25

Topic: Marginal Product Curve <=PAGE BACK | PAGE NEXT=>

  • The marginal product curve:

  • The marginal product curve graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed.

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ADVERSE SELECTION

An inefficient, bad, or adverse outcome of a market exchange that results because buyers and/or sellers make decisions based on asymmetric information. This commonly results in a market that exchanges a lesser quality good, what is termed the market for lemons. Two related problems resulting from asymmetric information are moral hazard and the principal-agent problem. Two methods of lessoning the problem of adverse selection are signalling and screening.

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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for pencil sharpeners with an attitude.
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Lombard Street is London's equivalent of New York's Wall Street.
"Defeat is simply a signal to press onward. "

-- Helen Keller, author, lecturer

JEH
Journal of Economic History
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