|
|
AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply (AS) is one half of the aggregate market analysis; the other half is aggregate demand. Aggregate supply, relates the economy's price level, measured by the GDP price deflator, and aggregate domestic production, measured by real gross domestic product. The aggregate supply relation is generally separated into long-run aggregate supply, in which all prices and wages and flexible and all markets are in equilibrium, and short-run aggregate supply, in which some prices and wage are NOT flexible and some markets are NOT in equilibrium.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost
|
Page: 7 of 22
|
|
Topic:
The Revenue Curves
|
|
|
- The revenue side of the firm's production decision involves two curves:
- Demand (Average Revenue) (D = AR): The average revenue curve, which is also the demand curve, is negatively-sloped, reflecting the law of demand and the firm's minimal market control.
- Marginal Revenue (MR): The marginal revenue curve indicates the extra revenue received by the firm for producing extra units.
-
|
|
|
|
|
|
|
AVERAGE REVENUE The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.
Complete Entry | Visit the WEB*pedia |
|
|
|
Two and a half gallons of oil are needed to produce one automobile tire.
|
|
|
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
|
|
CPI
Consumer Price Index
|
|
|
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
|
|
