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MARGINAL REVENUE, PERFECT COMPETITION: The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a perfectly competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a perfectly competitive firm equates marginal revenue and marginal cost.
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AGGREGATE SUPPLY DETERMINANTS An assortment of ceteris paribus factors that affect short-run and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and/or long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, they are commonly grouped into three broad categories--resource quantity, resource quality, and resource price.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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LTT
Long-Term Trend
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