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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.
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STATE BANKS Traditional banks that are chartered by a government of one of the fifty states and which are not automatically members of the Federal Reserve System. The contrast to state banks are national banks, which are chartered by Comptroller of the Currency. State banks tend to smaller than national banks and whether justified or not tend to be slightly less prestigious. In the modern economy this distinction is less important than it was a few decades bank when state banks were subject to lesser state regulations than national banks.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The way employees treat customers reflects the manner in which they're treated by management. " -- James Perkins, president, Cornell University
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BPEA
Brookings Papers on Economic Activity
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