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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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PRODUCT LIFE CYCLE The different stages that a product traverses over the course of its life from initial availability (birth) to eventual unavailability (death). The key stages are development, introduction, growth, maturity, saturation, and decline. The product life cycle, represented by an S-shaped curve, is an adaptation of the biological life cycle and is common to the study of marketing. It is also important in the analysis of innovation and economic instability. In addition to biological growth, comparable S-shaped life cycles are found in short-run production of a firm, the growth of a person's income, the acquisition of knowledge, and the development of a civilization.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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JLE
Journal of Law and Economics
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