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TOTAL REVENUE CURVE, MONOPOLY: A curve that graphically represents the relation between total revenue received by a monopoly for selling its output and the quantity of output sold. It is used with the monopoly firm's total cost curve to determine economic profit. The marginal revenue curve, a key factor for determining the profit-maximizing level of a firm's output, is derived directly from the total revenue curve.
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Lesson 14: Aggregate Supply | Unit 5: Connections
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Page: 18 of 20
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The aggregate market has a self-correcting mechanism that ensures the long-run full-employment equilibrium will be reached by itself, without government policies. The predicament: - Long run means full employment and flexible prices.
- Short run means price rigidity without full employment.
The automatic, self-correcting solution:- Disequilibrium in the labor market exerts pressure on wages to correct the imbalance, even with wage rigidity.
- This automatically moves us from the short run to the long run and full-employment equilibrium.
The critical question: How long does the self-correcting mechanism take? Days? Months? Years?
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AVERAGE FACTOR COST, PERFECT COMPETITION Total factor cost per unit of factor input employed by a perfectly competitive firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for small children selling products door-to-door.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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AR
Average Revenue, Autoregressive
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