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RECESSIONARY GAP, KEYNESIAN MODEL: The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.
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MARGINAL FACTOR COST, PERFECT COMPETITION: The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire. See also | marginal factor cost | marginal factor cost curve, perfect competition | marginal factor cost, monopsony | total factor cost | marginal factor cost curve | average factor cost curve | total cost | total product | total factor cost, perfect competition | total factor cost, monopsony |
Recommended Citation:MARGINAL FACTOR COST, PERFECT COMPETITION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: May 18, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: marginal factor cost, perfect competition
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AVERAGE REVENUE, PERFECT COMPETITION 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. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for defective microphones.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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MSE
Minimum Efficient Scale
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