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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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REDUNDANT INFORMATION Information received by the five senses (sight, sound, taste, touch, and smell) that is old, familiar, and usual. Because redundant information is not presumed to be threatening it can be largely ignored by the automatic response that is commonly termed the "fight or flight" reaction. The alternative is novel information, which is unfamiliar and potentially threatening.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The only profit center is the customer." -- Peter Drucker, educator
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WLLN
Weak Law of Large Numbers
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