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DISPERSIVE FORCE: A force that causes activities to locate farther apart. The primary dispersive forces are due to competition for local inputs or outputs, especially if this competition increases the prices of the inputs or limits the available demand for the outputs. Dispersive forces are countered by attractive forces, which act to bring activities closer together.
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Lesson 18: Monopoly | Unit 3: Output
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Page: 19 of 30
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- The profit curve.
- A profit curve is the graphical representation of the relation between a firm's profit and the quantity of output produced.
- Three segments of this profit curve are worth noting.
- First, profit is negative (for small quantities of output where the profit curve lies below the horizontal axis.
- Second, profit is positive for larger quantities of output where the profit curve rises above the horizontal axis.
- Third, profit then becomes negative once again for the largest quantities of output where the profit curve dips below the horizontal axis again.
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LONG-RUN AVERAGE COST CURVE, DERIVATION The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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AOQ
Average Outgoing Quality
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