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PERFECT COMPETITION, PROFIT ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.
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PRICE TAKER A buyer or seller that has no market control and is not able to affect the price of a good. It must "take" or accept the going market price. The market structure that exemplifies price taker is perfect competition. In fact, perfect competition is the only example of price taker. This is one of two alternatives related to control over price. The other is price maker. Price taker is also termed price seeker.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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LRTC
Long Run Total Cost
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