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COMPETITION AMONG THE MANY: A market with so many buyers and sellers that none is able to influence the market price or quantity exchanged. This type of competition is the one most favored by economists (the other type is competition among the few). Compared to a three-person sprint, this is like a 10,000-entry road race. To win this race, I can't count on the other 9,999 coming up injured. To win, I may have to be the best I've ever been. I just might have to set a world record. This is the type of competition that brings out the best, most efficient use of resources.
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PERFECT COMPETITION, MARGINAL ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost. See also | perfect competition, short-run production analysis | perfect competition, total analysis | perfect competition, breakeven output | perfect competition, profit analysis | short-run production alternatives | perfect competition, profit maximization | perfect competition, loss minimization |
Recommended Citation:PERFECT COMPETITION, MARGINAL ANALYSIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: June 23, 2018].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: perfect competition, marginal analysis
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INCOME RECEIVED BUT NOT EARNED The three types of income received but not earned (IRBNE) are Social Security payments, unemployment compensation payments, and welfare payments. These are three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for mail order catalogs with hidden messages.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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WPI
Wholesale Price Index
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