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November 12, 2019 

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RULE OF CONSUMER EQUILIBRIUM: A condition of consumer equilibrium and utility maximization stating that the marginal utility-price ratio for all goods are equal. This rule is a handy way of checking for consumer equilibrium and utility maximization. If the rule is not satisfied, then consumer equilibrium and utility maximization are not achieved.

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PERFECT COMPETITION, TOTAL ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that generates the greatest difference between total revenue and total cost. This total 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 marginal revenue and marginal cost.

     See also | perfect competition, short-run production analysis | perfect competition, marginal analysis | perfect competition, breakeven output | perfect competition, profit analysis | short-run production alternatives | perfect competition, profit maximization | perfect competition, loss minimization |


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PERFECT COMPETITION, TOTAL ANALYSIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: November 12, 2019].


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MARKET STRUCTURE CONTINUUM

The four common market structures, perfect competition, monopoly, monopolistic competition, and oligopoly, can be viewed as a continuum based on (1) differences in the number of firms in a market, (2) the relative size of each firm, and thus (3) the market control of each firm. Perfect competition lies at one end and monopoly at the other. Monopolistic competition is close to perfect competition and oligopoly is near monopoly. The essence of the continuum is that monopolistic competition blends into oligopoly, with no clear-cut line of separation.

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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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