|
|
LIMITED RESOURCES: Finite quantities of labor, capital, land, and entrepreneurship available to an economy for the production of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 16: Perfect Competition | Unit 3: Doing Graphs
|
Page: 17 of 28
|
|
Topic:
Short-Run Supply
|
|
|
- The short-run supply curve:
- A perfectly competitive firm's short run supply curve is that segment of it's marginal cost curve that above lies above the average variable cost curve.
- Three key points:
- A profit-maximizing firm produces the quantity of output that equates marginal revenue and marginal cost (MR = MC).
- A perfectly competitive firm is characterized by the equality between price and marginal revenue (P = MR).
- The law of diminishing marginal returns means that the marginal cost curve has a positive slope.
|
|
|
|
|
|
|
EQUALITY STANDARD An income distribution standard in which income is divided equally among members of society. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the contributive standard and the needs standard.
Complete Entry | Visit the WEB*pedia |
|
|
ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for poorly written technical manuals.
Your Complete Scope
This isn't me! What am I?
|
|
|
Al Capone's business card said he was a used furniture dealer.
|
|
|
"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
|
|
FIRA
Foreign Investment Review Agency
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
