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LONG-RUN PRODUCTION: An analysis of the production decision made by a firm in the long run. The central feature of this long-run analysis is returns to scale, which results in the long run even though all inputs are variable. Returns to scale are reflected in the long-run average cost curve as either economies to scale or diseconomies to scale.

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AVERAGE REVENUE, PERFECT COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for a thesaurus filled with typos.
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A half gallon milk jug holds about $50 in pennies.
"Nothing will ever be attempted if all possible objections must first be overcome. "

-- Samuel Johnson, essayist, critic, lexicographer

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