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GENERAL AGREEMENT ON TARIFFS AND TRADE: A treaty, signed in 1947 by 23 countries including the United States, that was designed to reduce trade barriers. It now carries the signatures of about 100 countries and over the years has been pretty darn effective in reducing tariffs, eliminating some import quotas, and promoting commerce.
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Lesson 15: Cost | Unit 4: Long-Run Cost
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Page: 20 of 24
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- Economies of Scale:
- Economies of scale are declining long-run average cost that occur as a firm increases all inputs and expands its' scale of production.
- Diseconomies of Scale:
- Diseconomies of scale are increasing long-run average cost that occur as a firm increases all inputs and expands its' scale of production.
- Minimum Efficient Scale:
- Minimum efficient scale is the quantity of production that places a firm at the lowest point on its long-run average cost curve.
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QUANTITY SUPPLIED The specific quantity of a good that sellers are willing and able to sell at a specific supply price. The key word is "specific." Quantity supplied and supply price form matched pairs--one quantity, one price. The combination of all price-quantity pairs is then what constitutes supply. The supply curve is a plot of the quantity supplied at each supply price.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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BACS
Bankers Automated Clearing Services
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