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PERFECT COMPETITION, LOSS MINIMIZATION: A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 13 of 22

Topic: Long Run Disequilibrium: Too Low <=PAGE BACK | PAGE NEXT=>

We can see what happens if the price level is not at the long-run equilibrium price level of Pe. If price level is the too low the supply of real production is less than demand. We have shortages in product markets throughout the economy. Market prices increase and so too does the price level. Aggregate expenditures then decrease to reach full employment.

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MARKET DISEQUILIBRIUM

The state of the market that exists when the opposing market forces of demand and supply do achieve a balance and there is an inherent tendency for change. Market disequilibrium results if the market is not in equilibrium. More specifically, market disequilibrium results if the demand price is not equal to the supply price and the quantity demanded is not equal to the quantity supplied.

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"Failure is the opportunity to begin again, more intelligently. "

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