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MARGINAL FACTOR COST, PERFECT COMPETITION: The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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MONOPOLISTIC COMPETITION, EFFICIENCY A monopolistically competitive firm generally produces less output and charges a higher price than would be the case for a perfectly competitive firm. In particular, the price charged by a monopolistically competitive firm is higher than the marginal cost of production, which violates the efficiency condition that price equals marginal cost. A monopolistically competitive firm is inefficient because it has market control and faces a negatively-sloped demand curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center looking 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 gnomes hiding in cypress trees.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
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NI
National Income, Net Income
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