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LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of 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 12: Business Cycles | Unit 5: Policies Page: 26 of 26

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  • How stabilization policies can limit or prevent the unemployment and inflation problems caused by business cycle instability.
  • The two main types of stabilization problems, fiscal policy and monetary policy.
  • How expansionary fiscal policy counters contractions with more spending and lower taxes.
  • How expansionary monetary policy counters contractions with more money.
  • How contractionary fiscal policy counters expansions with less spending and higher taxes.
  • How contractionary monetary policy counters expansions with less money.

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SLOPE, NET EXPORTS LINE

The negative slope of the net exports line is based on the marginal propensity to import (MPM). Because net exports are exports minus imports, the induced change in imports causes an opposite change in net exports. As such, the slope of the net exports line is negative, less than zero (but greater than negative one). The slope of the net exports line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

-- William Ward ‚ Texas Wesleyan University Administrator

JFE
Journal of Financial Economics
A PEDestrian's Guide
Xtra Credit
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