|
|
PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of a 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).
Visit the GLOSS*arama
|
|
|
|
|
AVERAGE FACTOR COST AND MARGINAL FACTOR COST A mathematical connection between average factor cost and marginal factor cost stating that the change in the average factor cost depends on a comparison between average factor cost and marginal factor cost. For perfect competition, with no market control, marginal factor cost is equal to average factor cost, and average factor cost does not change. For monopsony and other firms with market control, marginal factor cost is greater than average factor cost, and average factor cost rises.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for rusty deck screws.
Your Complete Scope
This isn't me! What am I?
|
|
|
A half gallon milk jug holds about $50 in pennies.
|
|
|
"Success is going from failure to failure without a loss of enthusiasm. " -- Winston Churchill, British statesman
|
|
I
Income
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
