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PERFECT COMPETITION, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.
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AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply, usually abbreviated AS, is two different relations between price level and real production--long run and short run. With long-run aggregate supply, prices and wages are flexible and all markets are in equilibrium. With short-run aggregate supply some prices and wage are NOT flexible and some markets are NOT in equilibrium. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate demand.
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Fact 1: Our Limited PieThe first stop for any pedestrian on a leisurely stroll through the busy economic streets of Shady Valley is Scarcity Stan's Ye Olde Bakery Shoppe and Confectionery Palace. The most noted pastry on Scarcity Stan's list of delectables, wedged between his mouth-watering apple danishes and scrumptious jelly donuts, is economic pie. My mouth waters with the thought. Economic pie isn't like other donuts, cakes, and confectioneries with their gobs of sweetness, but very little nutritional sustenance. In fact, given that it refers to the sum total of the economy's resources and productive activity, economic pie is filled to the brim with sustenance. Unfortunately, Scarcity Stan and the congregation of people we call society, has only one economic pie, and while it's pretty large, it's never quite as big as we would like.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The creative is the place where no one else has ever been. the You have to leave the city of your comfort and go into wilderness of your intuition. What you'll discover will be wonderful. What you'll discover will be yourself." -- Alan Alda, Actor
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VC
Variable Cost
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