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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 4 of 26

Topic: Contractionary Bad Times <=PAGE BACK | PAGE NEXT=>

Contractionary bad times give us the most problems.
  • First: Real GDP declines during a contraction. This means less production for the four sectors to buy.
  • Second: Unemployment increases. Resources, especially labor, produce less and receive less income. 3-5 million workers newly employed.
  • Third: The incomes of employed resources also tend to fall, or at least not rise as much as an expansion.
  • Fourth: Business profits decline and bankruptcies increase.
  • Fifth: Social problems, including crime, poverty, and alcoholism, worsen.
But contractions have some good:
  • Inflation remains low or declines.
  • Some resources are more efficiently allocated.

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FALLACY OF COMPOSITION

The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.

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BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?

Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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