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AGGREGATE SUPPLY CURVE: A graphical representation of the relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. There are actually two separate aggregate supply curves, one for the long run and one for the short run. These aggregate supply curves are one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate demand curve.
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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for slow moving vehicles with darkened windows.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"How wonderful it is that nobody need wait a single moment before starting to improve the world." -- Anne Frank
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AVC
Average Variable Cost
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