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June 19, 2018 

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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).

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PRISONERS' DILEMMA: An application of game theory analysis in which two prisoners both confess to a crime to avoid harsher punishment when not confessing would avoid any punishment. The dilemma emerges because both prisoners are faced with the same choice -- confess or not confess -- but the outcome their choice depends on the choice made by the other prisoner. Unfortunately neither prisoner knows the choice of the other. If neither confesses, then they receive no punishment. If both confess, then they receive limited punishment, such as a year in jail. However, if one confesses and the other doesn't, the confessor receives light punishment, such as six months in jail, and the non confessor receives more severe punishment, such as five years in jail. The result is that both prisoners confess.

     See also | game theory | oligopoly | interdependence | competition among the few | collusion | advertising |


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BALANCE ON MERCHANDISE TRADE

A subset of the balance of payments current account that records the difference between the payments received for exports of goods to other nations and the payments made for the imports of goods from other nations. The goods included are physical or tangible goods, but not intangible services. The balance on merchandise trade is thus appropriately divided into merchandise exported and merchandise imported. Two other subsets of the current account include the balance on services and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for pencil sharpeners with an attitude.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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