|
|
LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of 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).
Visit the GLOSS*arama
|
|
|
|
|
MARGINAL PRODUCT The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product, which occasionally goes by the alias marginal physical product (MPP), is one of two measures derived from total product. The other is average product.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope
This isn't me! What am I?
|
|
|
One of the largest markets for gold in the United States is the manufacturing of class rings.
|
|
|
"No great performance ever came from holding back. " -- Don Greene, motivational coach, former Green Beret
|
|
PPC
Production Possibilities Curve
|
|
|
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
|
|
