law of diminishing returns: as variable inputs are applied
to the fixed input, output will increase at first. But, if the
process is continued, a point will be reached (the point of
diminishing returns) at which output per unit of input will begin
to decrease.
law of supply: sellers will offer more of a product at a
higher price and less at a lower price.
legal monopoly: right to be the sole provider of a good or
service, such as public utilities, patents and copyrights.
legal tender: currency accepted in payment of debt.
