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LONG-RUN EQUILIBRIUM, MONOPOLISTIC COMPETITION: Relative freedom of entry and exit ensures that, in the long run, every firm in a monopolistically competitive industry earns exactly a normal profit, receiving neither an economic profit, nor incurring an economic loss. This result is achieved because entry and exit affects the market supply curve, which affects the overall market price, each firm's demand curve, and the range or prices it can charge. Each firm's demand curve adjusts until the profit-maximizing price is exactly equal to average total cost (both short run and long run).
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PRODUCER PRICE INDEX An index of the prices domestic producers receive from selling their output. THE Producer Price Index (PPI) is actually one of several producer price indexes compiled and published monthly by the Bureau of Labor Statistics (BLS). Others track prices for different industries and goods. This is also one of several noted price indexes used to track economic activity. Others include the Consumer Price Index (CPI) and the GDP price deflator.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"The ideals that have lighted my way, and time after time have given me new courage to face life cheerfully, have been kindness, beauty and truth. " -- Albert Einstein, physicist
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AIFT
American Institute for Foreign Trade
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