|
|
VERY LONG RUN, MICROECONOMICS: A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run.
Visit the GLOSS*arama
|
|

|
|
|
PERFECT COMPETITION An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that is not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
Complete Entry | Visit the WEB*pedia |


|
|
BLUE PLACIDOLA [What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for attractive cable television service repair people. Your Complete Scope
This isn't me! What am I?
|
|
|
The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
|
|
|
"Look at everything as though you were seeing it either for the first or last time. Then your time on earth will be filled with glory." -- Betty Smith, Novelist
|
|
LRAS Long Run Aggregate Supply
|
|
|
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
|

|