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BREAKEVEN OUTPUT: The quantity of output in which the total revenue is equal to total cost such that a firm earns exactly a normal profit, but no economic profit. Breakeven output can be identified by the intersection of the total revenue curve and total cost curve, or by the intersection of the average total cost curve and average revenue curve. The most straightforward way of noting breakeven output, however, is with the profit curve. For a perfectly competitive firm breakeven output occurs where price is equal to average total cost.
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AVERAGE FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for gnomes hiding in cypress trees.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"One person with a belief is equal to a force of ninety-nine with only interests." -- John Stuart Mill
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NELS
National Educational Longitudinal Survey
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