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LONG-RUN EQUILIBRIUM, MONOPOLISTIC COMPETITION: Relative freedom of entry and exit ensures that, in the long run, every firm in a monopolistically competitive industry earns exactly a normal profit, receiving neither an economic profit, nor incurring an economic loss. This result is achieved because entry and exit affects the market supply curve, which affects the overall market price, each firm's demand curve, and the range or prices it can charge. Each firm's demand curve adjusts until the profit-maximizing price is exactly equal to average total cost (both short run and long run).
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AXIOM A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"The work of the individual still remains the spark that moves mankind forward. " -- Igor Sikorsky, aeronautical engineer
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SIPP
Survey of Income and Program Participation
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