|
|
TANSTAAFL: A rather cumbersome and usually hard to remember acronym for the expression "There ain't no such thing as a free lunch. This is a favorite saving of many economists because it highlights, albeit in a grammatically questionable manner, the fundamental problem of scarcity. The phrase serves to emphasize that seemingly "free" lunches are not really free. While they might be free to the customer, someone must pay, that is, incur an opportunity cost of foregone production. The lunch eaten by one person cannot be eaten by another.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 18: Monopoly | Unit 3: Output
|
Page: 21 of 30
|
In this unit, you should have learned about:- How a monopoly is motivated to produce the quantity of output that maximizes profit, just like any other firm.
- How the short-run output decision by a monopoly can be analyzed by calculating profit as the difference between total revenue and total cost.
- How the short-run output decision by a monopoly can be identified by equating marginal revenue and marginal cost.
- 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.
|
|
|
|
|
|
|
AVERAGE PROPENSITY TO CONSUME The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for pencil sharpeners with an attitude.
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.
|
|
|
"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
|
|
OPBU
Operating Budget
|
|
|
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
|
|
