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LONG-RUN ADJUSTMENT, PERFECT COMPETITION: The combined adjustment of a perfectly competitive industry and of each firm in the industry to an equilibrium condition that eliminates all economic profits and losses, while each firm selects a factor size that maximizes profit. This adjustment process involves two parts. 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 eliminated economic profits or economic losses. The end result of this long-run adjustment is a multi-faceted equilibrium condition: P = AR = MR = MC = LRMC = ATC = LRAC

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Lesson 17: Money | Unit 4: Money's History Page: 18 of 25

Topic: Commodity Money <=PAGE BACK | PAGE NEXT=>

Because barter has limitations, the double coincidence of needs, peoples used commodities as money.

Commodity money:

  • When they began using a widely desired commodity, they created commodity money.
  • Commodity money has value in use and value in trade.
  • The value in use dictates value in trade.
  • Some commodities are better than others in terms of the four money characteristics.
  • Our ancestors tried many different commodities before finding one type that fits the characteristics better than most metals.

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TOTAL COST CURVE

A curve that graphically represents the relation between the total cost incurred by a firm in the short-run production of a good or service and the quantity produced. The total cost curve is a cornerstone upon which the analysis of short-run production is built. It combines all opportunity cost of production into a single curve, which can then be used with the total revenue curve to determine profit. The marginal cost curve, THE focal point for the analysis of short-run production, is derived directly from the total cost curve. The shape of the curve reflects increasing marginal returns at small quantities of output and decreasing marginal returns at larger quantities.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for defective microphones.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

DVP
Discounted Present Value
A PEDestrian's Guide
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