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EFFECTIVE DEMAND: The notion that the actual demand for aggregate output in the macroeconomy is based on the actual income or other existing economic conditions and not on income and conditions existing in equilibrium. The idea of effective demand plays a key role in Keynesian economics and how the macroeconomy can have extended periods of unemployment. Effective demand is in direct contrast to the view underlying classical economics that demand is that existing in equilibrium.
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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).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for crowded shopping malls.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"When your values are clear to you, making decisions becomes easier. " -- Roy Disney, executive
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AV
Actual Value
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