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DECREASING-COST INDUSTRY: A perfectly competitive industry with a negatively-sloped long-run industry supply curve that results because expansion of the industry causes lower production cost and resource prices. For a decreasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift downward, which decreases the minimum efficient scale of production.
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PROFIT MAXIMIZATION The process of obtaining the highest possible level of profit through the production and sale of goods and services. The profit-maximization assumption is the guiding principle underlying production by a firm. In particular, it is assumed that firms undertake actions and make the decisions that increase profit. The profit-maximization assumption is the production counterpart to the utility-maximization assumption for consumer behavior.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Learning is not compulsory, but neither is survival. " -- W. Edwards Deming, management consultant
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BHC
Bank Holding Company
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