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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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INFERIOR GOOD A good for which a change in income causes an opposite change in demand. That is, an increase in income causes a decrease in demand and a decrease in income causes an increase in demand. The income elasticity of demand for an inferior good is negative. An inferior good is one of two alternatives falling within the buyers' income demand determinant. The other is a normal good.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"I was always looking outside myself for strength and confidence, but it comes from within. It is there all the time. " -- Anna Freud, psychologist
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APEC
Asia-Pacific Economic Co-operation
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