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Frequently it is the case that: (1) A worker knows more than his employer about how much effort he puts into his job, and (2) the seller of a used car knows more than the buyer about the car's condition.
Marginal-Cost Curve
A graphical representation that shows how the cost of producing one additional unit of a good varies as the production volume changes.
Average-Fixed-Cost Curve
A graphical representation that shows the fixed costs of production per unit of output declining as the quantity of output increases.
Marginal-Cost Curve
A graphical representation that shows the cost of producing one more unit of a good.
Average-Total-Cost Curve
A graphical representation showing how the average total cost of production changes as the quantity of output is altered.
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