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LONG-RUN ADJUSTMENT: The combined adjustment of an industry and of each firm in the industry to an equilibrium condition that based on (1) profit maximization when all inputs are variable and (2) the entry and exit of firms. The complete adjustment is undertaken by both perfect competition and monopolistic competition. There are two parts of this adjustment process. One is the adjustment of each firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminated economic profits or economic losses. The end result of this long-run adjustment is different for the two market structures based on the fact that perfect competition has equality between price and marginal revenue, while monopolistic competition does not.
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CURRENT POPULATION SURVEY A monthly survey of 60,000 occupied households undertaken by the Bureau of the Census which is then used by the Bureau of Labor Statistics (BLS) to estimate the employment, unemployment, and labor force status of the entire population. The Current Population Survey (CPS) contains an extensive series of questions designed to identify the wide range of ways a person can be categorized as employed, unemployed, in the labor force, or not in the labor force. The CPS is THE source of data used to calculate the nation's official unemployment rate, as well as other employment measures, such as the employment rate and labor force participation rate.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. " -- Malcolm S. Forbes, publisher
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BJE
Bell Journal of Economics
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