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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).
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ECONOMY The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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IBRD
International Bank for Reconstruction and Development
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