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March 29, 2024 

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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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COINCIDENT ECONOMIC INDICATOR: One of four economic statistics that tend to move up and down with the expansions and contractions of the business cycle. You can get a pretty good idea of what our economy's doing RIGHT NOW by looking at these. Coincident economic indicators are measurements that move with the aggregate economy. When a contraction starts, these indicators decline. During an expansion. these indicators rise. These indicators, and their siblings, leading economic indicators and lagging economic indicators are compiled by their parents, those pointy-headed economist at National Bureau of Economic Research.

     See also | economic indicators | expansion | contraction | business cycle | leading economic indicator | lagging economic indicator | real gross domestic product |


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COINCIDENT ECONOMIC INDICATOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 29, 2024].


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BUYERS' PREFERENCES, DEMAND DETERMINANT

The satisfaction that buyers receive from the purchase of a good, which is assumed constant when a demand curve is constructed. Buyers' preferences is one of five demand determinants that shift the demand curve when they change. The other four are buyers' income, other prices, buyers' expectations, and number of buyers.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for deranged pelicans.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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