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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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Lesson Contents
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Unit 1: Intro |
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Unit 2: Four Types |
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Unit 3: Getting Control |
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Unit 4: Using Control |
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Unit 5: Government | |
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Market Structures
Our investigation into market structures lays the foundation for a closer examination of monopoly, monopolistic competition, and oligopoly. This lesson takes a look at how markets are structured based on their competitiveness, the degree of market control held by firms, the acquisition of this market control, and the use market control. - The first unit of this lesson, Competition And Control, begins this lesson with a look at competition and market control.
- In the second unit, Four Types, we examine the four basic types of market structures -- perfect competition, monopoly, monopolistic competition, and oligopoly.
- The third unit, Getting Control, then looks at two key ways that firms are able to acquire or increase their market control -- product differentiation and entry barriers.
- In the fourth unit, Using Control, we investigate what firms do when they have market control.
- The fifth and final unit, Government, then closes this lesson by considering the role government plays in regulating market control.
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CHANGE IN AGGREGATE EXPENDITURES The movement along an aggregate demand curve caused by a change in the price level. A change in aggregate expenditures is ONLY caused by a change in the price level. This is one of two changes related to aggregate demand. The other is a change in aggregate demand. A change in aggregate expenditures is comparable to a change in quantity demanded.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope
This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"There's only one corner of the universe you can be certain of improving and that's your own self. " -- Aldous Huxley, writer
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IADB
Inter-American Development Bank
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