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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 11: Circular Flow | Unit 5: Real World Page: 20 of 22

Topic: Production And Income <=PAGE BACK | PAGE NEXT=>

Measures of production and income.
  • Net domestic product (NDP) is GDP minus capital consumption allowances CCA).
  • National income (NI) is NDP minus indirect business taxes (IBT).
  • Personal income (PI) is NI minus undistributed corporate profits (UCP), corporate profits taxes (CPT) and Social Security Taxes (SST), plus transfer payments.
  • Disposable income (DI) is PI minus personal taxes.

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FALLACY OF DIVISION

The logical fallacy of arguing that what is true for the whole is also true for the parts. In the study of economics, this takes the form of assuming that what works for the aggregate, or macroeconomy, also works for parts of the economy, such as households or businesses. The contrasting fallacy is the fallacy of composition.

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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for the last item on a shelf.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. "

-- Jacques Yves Cousteau, marine explorer

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