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June 22, 2018 

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PERFECT COMPETITION, LONG-RUN ADJUSTMENT: A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).

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Lesson 14: Aggregate Supply | Unit 5: Connections Page: 20 of 20

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  • Questions over undertaking government policies or letting the self-correction mechanism of the aggregate market achieve full employment.
  • An introduction into supply-management policies that can be used to reduce macroeconomic instability.
  • How aggregate supply comes together with aggregate demand for a model that we can use to analyze our macroeconomy.

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RESERVE REQUIREMENTS

Rules established and enforced by the Federal Reserve System governing the amount of reserves (vault cash and Federal Reserve deposits) that banks must keep to back up their deposits. Reserve requirements help to maintain a stable banking system and ensure that banks are able to conduct day-to-day check-clearing and cash-withdrawal transactions. These requirements are also one of the three monetary policy tools that the Fed can use, in principle, to control the money supply. The other two are open market operations and the discount rate.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a computer that can play music and burn CDs or a T-shirt commemorating last Friday (you know why). Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"Whenever you fall, pick up something. "

-- Oswald Avery, scientist

CDF
Cumulative Distribution Function
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