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LAW OF INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This "law" can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates the distinctive convex shape of the curve, making it flat at the top and steep at the bottom.
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Lesson 21: Factor Demand | Unit 3: The Curve
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Page: 16 of 24
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In this unit, you should have learned about:- The marginal revenue product schedule, which presents the relation between marginal revenue product, marginal physical product, and the quantity of input.
- How the marginal revenue product is derived from the marginal revenue product schedule.
- That the marginal revenue product curve is negatively-sloped due to the law of diminishing marginal returns.
- The hiring decision by a firm is based on a comparison between marginal revenue product and the wage.
- How the factor demand curve can be derived from the marginal revenue product curve.
- That the factor demand curve is negatively-sloped due to the law of diminishing marginal returns.
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ECONOMIC REPORT OF THE PRESIDENT An annual report of the economic performance of the U.S. economy written by the Chairman of the Council of Economic Advisors (CEA). It provides an overview of the nation's economic progress. A goal of the report is to provide the President with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. The Council of Economic Advisors, the governmental body responsible for the report, was established by the Employment Act of 1946. The Economic Report of the President has been published every year since 1950.
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GRAY SKITTERY
[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 an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"I can feel guilty about the past, apprehensive about the future, but only in the present can I act." -- Abraham Maslow, Psychologist
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EBIT
Earnings Before Interest and Taxes
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