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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of a 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 4: Production Possibilities | Unit 4: Analysis Page: 17 of 24

Topic: Resource Quantity and Quality <=PAGE BACK | PAGE NEXT=>

Three ways to increase resource quantity.
  • Labor: Labor increases through (1) natural population growth, (2) immigration from other nations, and (3) more participation and fewer nonworkers.
  • Capital: The key to getting more capital is investment, giving up satisfaction today to get capital tomorrow.
  • Materials: The key to increasing their quantity is exploration. Exploration is best illustrated by digging or drilling into the Earth's crust in search of mineral or fossil fuel deposits.
Two ways to increase resource quality.
  • Education-The Quality of Labor: Education increases the quality of labor resources. Better educated workers are more productive workers.
  • Education can be formal, sitting-in-a-classroom or informal, on-the-job-training experience. Both are valuable methods of increasing the quality labor.
  • Technology-The Quality of Capital: Technology is the knowledge and information society as a whole possesses concerning the production of goods and services. Better technology enables more production.
  • Technology concerns all aspects of production, but it is often seen as an improvement in the quality of capital.

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ALLOCATION

The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.

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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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