The Theory of Price |
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acres aggregate alternative amount analysis arc elasticity assume automobile average cost average product budget line bushels buyers capital cartel combinations commodity competitive constant consumer CUMULATIVE PER CENT decrease demand curve diminishing returns distribution earnings economic economists effect elasticity of demand equal equilibrium example fact factors fall farm Figure firm fixed function ginal given Hence higher increase indifference curves individual industry inputs interest rate investment isoquant labor force land larger less long run Lorenz curve marginal cost curve marginal product marginal revenue marginal utility maximize measure monopolist monopoly occupation oligopoly output p₁ period plant present value price discrimination price line problem productive service profits proportion proposition purchases quantity quasi-rents rate of return reduce relative returns to scale rise savings sell sellers short run slope substitutes sumer supply curve theory tion units of labor variable service vary wage rates wheat workers yield