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PERFECT COMPETITION, PROFIT ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.
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LONG RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"When one door closes another door opens; but we do often look so long and so regretfully upon the closed door, that we do not see the ones which open for us. " -- Alexander Graham Bell, inventor
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IRS
Internal Revenue Service
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