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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.

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Lesson Contents
Unit 1: The Exchange
  • What It Is
  • Equilibrium
  • Competition
  • Number
  • Unit 1 Summary
  • Unit 2: The Numbers
  • Schedule
  • Market Agreement
  • Equilibrium
  • Unit 2 Summary
  • Unit 3: A Graph
  • The Curves
  • The Equilibrium
  • Unit 3 Summary
  • Unit 4: Adjustment
  • Self-Correction
  • Shortage
  • Surplus
  • Unit 4 Summary
  • Unit 5: Efficiency
  • What It Is
  • Efficient Markets
  • Too Little Production
  • Too Much Production
  • Inefficiency
  • Unit 5 Summary
  • Course Home
    Market Equilibrium

    In this lesson, we'll see how buyers (discussed in the demand lesson) come together with sellers (discussed in the supply lesson) to exchange commodities using a market. More precisely, this lesson develops an abstract market model, or market analysis, that we can use to explain and understand a wide range of real world exchanges.

    • This lesson begins in the first unit, The Exchange, with an overview of the basic exchange process underlying markets, including the notion of equilibrium, the roles played by price and quantity, and the importance of competition.
    • In the second unit, The Numbers, we work through a simple market analysis using demand and supply schedules, highlight both equilibrium and disequilibrium conditions.
    • The third unit, A Graph, then carefully examines the notion of market equilibrium using demand and supply curves, which generates the widely used graphical model of the market.
    • Moving onto the fourth unit, Adjustment, we use the graphical market model to investigate the automatic market responses to shortages and surpluses.
    • The lesson concludes in the fifth unit, Efficiency, by considering the relation between market exchanges and efficiency.

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    TOTAL REVENUE, PERFECT COMPETITION

    The revenue received by a perfectly competitive firm for the sale of its output. Total revenue is one two bits of information a perfectly competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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    Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for a thesaurus filled with typos.
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    In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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