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LONG-RUN ADJUSTMENT, PERFECT COMPETITION: The combined adjustment of a perfectly competitive industry and of each firm in the industry to an equilibrium condition that eliminates all economic profits and losses, while each firm selects a factor size that maximizes profit. This adjustment process involves two parts. One is the adjustment of each perfectly competitive 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 a multi-faceted equilibrium condition: P = AR = MR = MC = LRMC = ATC = LRAC
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LONG-RUN TREND The pattern of potential real gross domestic product of an economy based on full employment of available resources. The long-run trend is commonly represented as a positively-sloped line in a diagram depicting business-cycle phases. This slope captures the economy's expansion in its production possibilities resulting from increases in the quantity and quality of resources.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for small children selling products door-to-door.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. " -- Mary Kay Ash, May Kay Cosmetics founder
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DOT
Department of the Treasury
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