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PERFECT COMPETITION AND SHORT-RUN SUPPLY CURVE: A perfectly competitive firm's supply curve is that portion of its' marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along it's marginal cost curve in response to alternative prices. Because the marginal cost curve is positively sloped due to the law of diminishing marginal returns, the firm's supply curve is also positively sloped.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 17 of 25

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In this unit, you should have learned something about:
  1. GDP can be measured in two different ways, from the demand or expenditure side and from the supply or resource side of the economy.
  2. From the expenditure side, the four sectors of the economy buy ALL current economic production and when aggregated give us GDP. This is summarized by the formula: GDP = C + I + G + (X-M).
  3. The calculation of GDP from the resource side of the economy is based on the fact that the revenue received for the sale of GDP is paid to or claimed by a factor of production.

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SHORT-RUN PRODUCTION ANALYSIS

An analysis of the production decision made by a firm in the short run, with the ultimate goal of explaining the law of supply and the upward-sloping supply curve. The central feature of this short-run production analysis is the law of diminishing marginal returns, which results in the short run when larger amounts of a variable input, like labor, are added to a fixed input, like capital. A contrasting analysis is long-run production analysis.

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Today, you are likely to spend a great deal of time at a flea market hoping to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for slightly overweight pizza delivery guys.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. "

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