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LONG-RUN ADJUSTMENT: The combined adjustment of an industry and of each firm in the industry to an equilibrium condition that based on (1) profit maximization when all inputs are variable and (2) the entry and exit of firms. The complete adjustment is undertaken by both perfect competition and monopolistic competition. There are two parts of this adjustment process. One is the adjustment of each 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 different for the two market structures based on the fact that perfect competition has equality between price and marginal revenue, while monopolistic competition does not.
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UNEMPLOYMENT RATE, MEASUREMENT PROBLEMS The official unemployment rate, which measures the proportion of the civilian labor force 16 years or older that is not engaged in productive activities but is actively seeking employment, might be either overstated or understated due to discouraged workers, part-time workers, and unreported legal or illegal employment. Taken together, these measurement problems suggest that the official unemployment rate is likely understated during business-cycle contraction and overstated during business-cycle expansions.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for deranged pelicans.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will. " -- Vince Lombardi
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BAE
Bureau of Agricultural Economics
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