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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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FULL-EMPLOYMENT OUTPUT: The quantity of real production or real aggregate output (or better yet, real gross domestic product) produced by the macroeconomy when resources are at full employment. For all practical purposes, full-employment real production is real GDP produced when unemployment is at it's natural level, the combination of frictional and structural unemployment that can be maintained without inflation (or deflation either). For the aggregate market analysis, this is the level of real production achieved and maintained in the long run. The long-run aggregate supply curve is vertical at full-employment real production.

     See also | real production | full employment | real gross domestic product | macroeconomics | unemployment | natural unemployment | frictional unemployment | structural unemployment | aggregate market | long-run aggregate supply curve |


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AVERAGE FIXED COST CURVE

A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.

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ATC
Average Total Cost
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