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LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of 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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CONTRIBUTIVE STANDARD An income distribution standard in which income is divided among members of society based on the value of each person's contribution to production. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the equality standard and the needs standard.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"Try first to be a man of value; success will follow. " -- Albert Einstein, physicist
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AS-AD
Aggregate Supply-Aggregate Demand Model
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