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MARGINAL REVENUE CURVE, PERFECT COMPETITION: A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 3 of 22

Topic: Two Sides: LRAS <=PAGE BACK | PAGE NEXT=>

The aggregate market combines two sides, those who buy, aggregate demand, and those who sell, aggregate supply.
  • Aggregate demand is the spending by the four basic sectors of the economy: household, business, government, and foreign sector.
  • Aggregate supply is the economy's producers -- the factors of production: labor, capital, land, and entrepreneurship.
  • The aggregate market is the mechanism through which buyers and sellers come together to exchange the economy's production.
The LRAS curves represents part of the supply side of the aggregate market.

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MARGINAL FACTOR COST, PERFECT COMPETITION

The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for poorly written technical manuals.
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In the early 1900s around 300 automobile companies operated in the United States.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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