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MATERIALS BALANCE: A hard and fast rule that the total amount of stuff removed from the natural environment will be eventually returned, probably as pollution. This is based on a fundamental law of physics that says material can be neither created nor destroyed, but only transformed. During any given period (such as a year) the quantity of materials returned to the environment is the difference between the quantity extracted and the quantity used by the economy.
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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). See also | perfect competition, long-run production analysis | perfect competition, long-run adjustment |
Recommended Citation:PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: May 10, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: perfect competition, long-run equilibrium conditions
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MARGINAL COST The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.
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PINK FADFLY
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for slightly overweight pizza delivery guys.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Nothing great has ever been achieved except by those who dared believe that something inside them was superior to circumstances. " -- Bruce Barton, Advertising executive
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AMW
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