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LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of 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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CHANGE IN AGGREGATE SUPPLY A shift of the short-run or long-run aggregate supply curve caused by a change in one of the aggregate supply determinants. In essence, a change in aggregate supply is caused by any factor affecting supply EXCEPT the price level. This is one of two changes related to aggregate supply. The other is a change in real production. A change in aggregate supply is comparable to a change in market supply.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for celebrities who speak directly to you through your television.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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AFC
Average Fixed Cost
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