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INDUCED INVESTMENT: Business investment expenditures that depend on income or production (especially national income or gross national product). An increase in national income triggers an increase in induced investment expenditures. Induced investment is graphically depicted as the slope of the investment line and is measured by the marginal propensity to invest. The induced relation between income and investment, as well as other induced expenditures, form the foundation of the multiplier effect triggered by changes in autonomous expenditures.

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AVERAGE FACTOR COST: Total factor cost per unit of factor input, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is essentially the factor price. However, using the longer term average factor cost let's us see the connection with other terms, like total factor cost and marginal factor cost.

     See also | total factor cost | factor price | marginal factor cost | factor markets | perfect competition | monopsony | market control | average cost | law of diminishing marginal returns |


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AVERAGE FACTOR COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: April 22, 2018].


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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS

The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).

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