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PERFECT COMPETITION, REALISM: Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to one or two of the four key characteristics of perfect competition, none matches all four sufficiently that they can be declared PERFECTLY competitively. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.
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LONG-RUN AVERAGE COST The per unit cost of producing a good or service in the long run when all inputs under the control of the firm are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is guided by returns to scale.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for the last item on a shelf.
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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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"What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal." -- Albert Pike
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BEA
Bureau of Economic Analisys
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