|
|
AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.
Visit the GLOSS*arama
|
|
|
|
|
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).
Complete Entry | Visit the WEB*pedia |
|
|
BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for celebrities who speak directly to you through your television.
Your Complete Scope
This isn't me! What am I?
|
|
|
The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
|
|
|
"A man flattened by an opponent can get up again. A man flattened by conformity stays down for good. " -- Thomas Watson Jr., executive
|
|
IRS
Internal Revenue Service
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
