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MARGINAL COST CURVE: A curve that graphically represents the relation between marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables, like technology and resource prices, constant. The marginal cost curve is U-shaped. Marginal cost is relatively high at small quantities of output, then as production increases, declines, reaches a minimum value, then rises. This shape of the marginal cost curve is directly attributable to increasing, then decreasing marginal returns (and the law of diminishing marginal returns).

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Lesson 23: Factor Market Equilibrium | Unit 1: Intro Page: 2 of 24

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  • Let's start with factor demand.

  • Factor demand is the demand for the use of the productive services of resources (or factors of production) which is the alternative prices buyers are willing and able to pay at for a range of different quantities.
  • Now let's consider factor supply.

  • Factor supply is the supply of the productive services of resources (or factors of production), which is the alternative prices sellers are willing and able to accept at for a range of different quantities.

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NOVEL INFORMATION

Information received by the five senses (sight, sound, taste, touch, and smell) that is new, different, and unusual. Because novel information has the potential to be threatening it triggers an automatic response through what is commonly termed the "fight or flight" reaction. Novel information is evaluated in contrast to redundant information, which is familiar and presumably nonthreatening.

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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for infected paper cuts.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

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