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REGULATION, CAPTURE THEORY: Control of a regulatory agency by those entities, usually the businesses of a particular industry, that the agency is designed to regulate. Those industries subject to economic regulation that is intended to protect the public interest (consumers) invariably find it beneficial to exert influence over the regulatory agency. One common way of doing this is to have former or future employees in the industry "temporarily" work for the regulatory agency.

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Lesson 14: Production | Unit 3: Product Curves Page: 15 of 25

Topic: Production Stages <=PAGE BACK | PAGE NEXT=>

  • The pattern of production exhibited by the total, average, and marginal product curves gives rise to three distinct production stages:

    Stage I:

    • The total product curve has an increasing positive slope.
    • Stage I is characterized by increasing marginal returns.

    Stage II:

    • The total product curve has a decreasing positive slope.
    • Stage II is characterized by decreasing marginal returns.

    Stage III:

    • The total product curve has a negative slope.
    • Stage III is also characterized by decreasing marginal returns.

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PRODUCTION COST

The opportunity cost of using labor, capital, land, and entrepreneurship in the production of goods and services. The price received by a seller must be high enough to cover production cost. The law of supply is based on the proposition that production cost increases with an increase in the quantity produced and supplied.

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Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for door-to-door salesmen.
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Lombard Street is London's equivalent of New York's Wall Street.
"All things are difficult before they are easy."

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