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TRANSPORTABLITY: One of four characteristics that enables an asset to better function as money. The other three are durability, divisibility, and non-counterfeitability. This characteristic means that the item used as money can be easily moved from one location to another, which is extremely useful because markets tend to be scattered all over the place. It really helps if buyers can transport their money to the points of purchase. An item could not be effectively used as a medium of exchange if it were not easily transportable.
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Lesson 15: Cost | Unit 3: Four More Measures
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Page: 15 of 24
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Topic:
The Marginal Curve
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Highlights of the marginal cost curve (MC). - First, the MC curve is U-shaped, much like the ATC and AVC curves.
- Second, the negatively-sloped segment of the MC curve is due to increasing marginal returns. The positively-sloped segment is due to decreasing marginal returns.
- Third, note the relation between the MC curve and the two U-shaped average curves (AVC and ATC). The connection between MC and each average curve is governed by the average-marginal relation.
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MARGINAL UTILITY AND DEMAND An explanation of the law of demand and the negatively-sloped demand curve based on utility analysis and the law of diminishing marginal utility. The law of diminishing marginal utility states that marginal utility declines as consumption increases. Because demand price depends on the marginal utility obtained from a good, price also declines as consumption increases, meaning price and quantity demanded are inversely related, which is the law of demand.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for gnomes hiding in cypress trees.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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AS
Aggregate Supply
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