|
|
WEALTH PYRAMID: A handy technique that many get-rich-quick schemes use to transfer a little wealth from a lot of people into the overflowing pockets of a few. In works in this manner--A person or business establishes a multi-level pyramid of investors, employees, or "distributors." Each level is responsible for recruiting the next level beneath it. The trick is that each distributor at one level recruits several distributors into the next lower level in an ever-expanding fashion. Each recruit transfers a little, teeny, tiny bit of their own wealth to the next higher level. In that each higher level has fewer members, that little, teeny, tiny bit of wealth accumulates rapidly, making those at the top incredibly well-off.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 16: Perfect Competition | Unit 3: Doing Graphs
|
Page: 18 of 28
|
In this unit, you should have learned about:- How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the greatest vertical distance between the total revenue and total cost curves.
- How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the peak of the profit curve.
- How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the intersection between the marginal revenue and marginal cost curves.
- That the total revenue received by a profit-maximizing perfectly competitive firm is divided between total cost, total variable cost, total fixed cost, and profit.
- That a profit-maximizing perfectly competitive firm faces three short-run output alternatives based on a comparison of price, average total cost, and average variable cost.
- Why the short-run supply curve for a perfectly competitive firm is the segment of the marginal cost curve that lies above the average variable cost curve.
- That the short-run supply curve for a perfectly competitive firm is positively sloped due to the law of diminishing marginal returns.
|
|
|
|
|
|
|
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.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for broken fingernail clippers.
Your Complete Scope
This isn't me! What am I?
|
|
|
Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
|
|
|
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing." -- William A. Ward
|
|
KCBT
Kansas City Board of Trade
|
|
|
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
|
|
