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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 10 of 26

Topic: Peak <=PAGE BACK | PAGE NEXT=>

Expansions don't last forever. The end of an expansion is the peak, the turning point to a contraction.
  • Point C is the end of the expansion and the beginning of the contraction, the peak.
  • A peak is the turning point between an expansion and a contraction.
  • A peak is the highest level reached by the economy before a contraction begins, the high before the drop.
  • Anticipating a peak turning point helps avoid the problems of unemployment, a bankrupt business, or lower income.

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IN-KIND PAYMENTS

A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services produced by the resource buyer rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they help to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the sell-production-for-money step.

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RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a T-shirt commemorating the first day of spring or a coffee cup commemorating last Friday (you know why). Be on the lookout for a thesaurus filled with typos.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

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United States Department of Agriculture
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