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LONG-RUN ADJUSTMENT, PERFECT COMPETITION: The combined adjustment of a perfectly competitive industry and of each firm in the industry to an equilibrium condition that eliminates all economic profits and losses, while each firm selects a factor size that maximizes profit. This adjustment process involves two parts. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminated economic profits or economic losses. The end result of this long-run adjustment is a multi-faceted equilibrium condition: P = AR = MR = MC = LRMC = ATC = LRAC
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AVERAGE FACTOR COST, MONOPSONY Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for door-to-door salesmen.
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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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"There are no shortcuts to any place worth going. " -- Beverly Sills, Opera singer
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SPSS
Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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