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MARGINAL REVENUE AND MARGINAL COST: A profit-maximizing firm produces the quantity of output that equates marginal revenue and marginal cost. This is one of three methods typically used to determine the profit-maximizing quantity of output produced by a firm. The other two methods are total revenue and total cost and profit curve. This marginal revenue and marginal cost approach to identifying profit-maximizing production can be accomplished using either a table of numbers of a set of curves. The end result is the same. Profit-maximizing production takes place at the quantity generating an equality between marginal revenue and marginal cost.
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FULL EMPLOYMENT, LONG-RUN AGGREGATE SUPPLY The condition that exists when all resources are engaged in production. In practice, however, this condition is virtually impossible to achieve. An economy ALWAYS has some unemployed resources, particularly frictional and structural unemployment. The key characteristic of long-run aggregate supply is that full-employment production is maintained at ALL price levels. In the long run, when all prices and wages are flexible, all markets (financial, product, and especially resource) are in equilibrium, and the level of real production fully employs all available resources.
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GRAY SKITTERY
[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 a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for the happiest person in the room.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Only great minds can afford a simple style." -- Stendhal, writer
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OPEC
Organization of Petroleum Exporting Countries
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