Google
Thursday 
April 26, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
REGULATION: Government rules or laws that control the activities of businesses and consumers. The motivation for regulation is that businesses are inclined to do things that are harmful to the public--actions which need to be prevented or otherwise controlled. Regulation is essentially an extension of government's authority to protect one member of society from another. It tends to take one of two forms--(1) industry regulation that's intended to prevent firms from gaining and abusing excessive market control and (2) social regulation that seeks to protect consumers for problems caused by pollution, unsafe products, and the lack of information (market failure).

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

LONG RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable.

     See also | macroeconomics | aggregate market | long-run aggregate market | equilibrium | flexible prices | product markets | financial markets | resource markets | labor market | shortage | surplus | production | short-run production | microeconomics | supply | economies of scale | diseconomies of scale | very long run | market period | labor | capital | law of diminishing marginal returns | fixed input | variable input |


Recommended Citation:

LONG RUN, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: April 26, 2018].


Search Again?

Back to the GLOSS*arama

LONG-RUN AVERAGE COST CURVE, DERIVATION

The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.

Complete Entry | Visit the WEB*pedia


APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for the last item on a shelf.
Your Complete Scope

This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"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

VES
Variable Elasticity of Substitution
A PEDestrian's Guide
Xtra Credit
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



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster