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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
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Page: 13 of 25
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Topic:
Marginal Product Curve
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- 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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BLACK DISMALAPOD
[What's This?]
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.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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JEH
Journal of Economic History
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