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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of a 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).
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SLOPE, INVESTMENT LINE The positive slope of the investment line is also termed the marginal propensity to invest (MPI). This slope is greater than zero but less than one, reflecting induced investment. The slope of the investment line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
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The Crystal Ball Of ECONOMIC FORECASTINGHow often has this happened to you? You've packed a tasty picnic lunch, donned your spiffy-looking swimwear, loaded up the beach blanket and umbrella, then headed for the artificial waves of the local Happy-Time Gala-World Fun-Land Water Park expecting bright sunshine and warm temperatures. However, upon reaching Happy-Time Gala-World Fun-Land Water Park you find that the economy has fallen into a deep recession, with high unemployment rates and sluggish production, and the owners of the Happy-Time Gala-World Fun-Land Water Park have been forced to turn off the artificial wave machine, dismantle the water slides, and drain the pool. (It's also raining and 50 degrees. We will, however, ignore those problems because this isn't A Pedestrian's Guide to Meteorology.)
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for rusty deck screws.
Your Complete Scope
This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"The purpose of learning is growth, and our minds, unlike our bodies, can continue growing as long as we live." -- Mortimer Adler
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L/O
Letter of Offer
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