Tag: increases
Learning Curve
What is the 'Learning Curve' A learning curve is a concept that graphically depicts the relationship between cost and output over a...
Law Of Supply
DefinitionThe law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in price results in...
Law Of Diminishing Marginal Utility
What is the law of diminishing marginal utility
The law of diminishing marginal utility is the principle that as a person consumes more of a...
Law Of Supply And Demand
DefinitionIn microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, in a...
Economies of Scale
In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output...