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PERFECT COMPETITION, LONG-RUN PRODUCTION ANALYSIS: In the long run, a perfectly competitive firm adjusts plant size, or the quantity of capital, to maximize long-run profit. In addition, the entry and exit of firms into and out of a perfectly competitive market guarantees that each perfectly competitive firm earns nothing more or less than a normal profit. As a perfectly competitive industry reacts to changes in demand, it traces out positive, negative, or horizontal long-run supply curve due to increasing, decreasing, or constant cost.
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OPPORTUNITY COST, PRODUCTION POSSIBILITIES The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for the happiest person in the room.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"It has been my philosophy of life that difficulties vanish when faced boldly. " -- Isaac Asimov
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JGB
Japanese Government Bond
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