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LONG-RUN ADJUSTMENT, PERFECT COMPETITION: The combined adjustment of a perfectly competitive industry and of each firm in the industry to an equilibrium condition that eliminates all economic profits and losses, while each firm selects a factor size that maximizes profit. This adjustment process involves two parts. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminated economic profits or economic losses. The end result of this long-run adjustment is a multi-faceted equilibrium condition: P = AR = MR = MC = LRMC = ATC = LRAC
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SUPPLY PRICE The minimum price that sellers are willing and able to accept for a given quantity of a good. While sellers might be willing and able to accept more than the supply price for a given quantity, they are not willing and able to accept less. The supply curve is a plot of the supply price for each quantity.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a flea market hoping to buy either a birthday greeting card for your mother that doesn't look like a greeting card or a handcrafted spice rack. Be on the lookout for poorly written technical manuals.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Unless you are willing to drench yourself in your work beyond the capacity of the average man, you are just not cut out for positions at the top." -- J. C. Penney, Retailer
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AP
Average Product
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