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MARGINAL COST AND DIMINISHING MARGINAL RETURNS: Decreasing then increasing marginal cost that gives rise to a U-shaped marginal cost curve reflects increasing then decreasing marginal returns. In particular the decreasing marginal returns is caused by the law of diminishing marginal returns. As such, the law of diminishing marginal returns affects not only the short-run production of a firm but also the cost of production in the short run.
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FLEXIBLE PRICES: The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics. See also | price | market | short run, macroeconomics | long run, macroeconomics | shortage | surplus | macroeconomics | long-run aggregate market | short-run aggregate market | long-run aggregate supply curve | short-run aggregate supply curve | full-employment production | resource prices | wage | real production |
Recommended Citation:FLEXIBLE PRICES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: October 12, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: flexible prices
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INTERCEPT, GOVERNMENT PURCHASES LINE The intercept of the government purchases line indicates autonomous government purchases, government purchases that do not depend on the level of income or production. This can be thought of as government purchases that the government sector undertakes regardless of the state of the economy. Autonomous government purchases are affected by the government purchases determinants, which cause a change in the intercept and a shift of the government purchases line.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a T-shirt commemorating the first day of spring or a coffee cup commemorating last Friday (you know why). Be on the lookout for jovial bank tellers.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Life is not a 'brief candle.' It is a splendid torch that I want to make burn as brightly as possible before handing it on to future generations. " -- Bernard Shaw, journalist
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TIAC
Thrift Institutions Advisory Council
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