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LONG-RUN ADJUSTMENT, PERFECT COMPETITION: The combined adjustment of a perfectly competitive industry and of each firm in the industry to an equilibrium condition that eliminates all economic profits and losses, while each firm selects a factor size that maximizes profit. This adjustment process involves two parts. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminated economic profits or economic losses. The end result of this long-run adjustment is a multi-faceted equilibrium condition: P = AR = MR = MC = LRMC = ATC = LRAC
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IMPLICIT COLLUSION Seemingly independent, but parallel, actions among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the price, and otherwise act like a monopoly. Also termed tacit collusion, the distinguishing feature of implicit collusion is the lack of any explicit agreement. This is one of two types of collusion. The other is explicit or overt collusion, which involves an explicit agreement.
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Today, you are likely to spend a great deal of time at a flea market looking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Being defeated is only a temporary condition; giving up is what makes it permanent." -- Marilyn vos Savant, Author
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