Google
Wednesday 
July 9, 2025 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
PERFECT COMPETITION, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 14: Production | Unit 5: Supply Page: 23 of 25

Topic: A Review <=PAGE BACK | PAGE NEXT=>

A review:
  • Production: Each production operation, for example, combines assorted labor, capital, and land inputs (through the organization of risk-taking entrepreneurship) to produce valuable goods and services.

  • Short-run Production: Each production operation, regardless of whimsical name, is guided by the basic short-production principle -- the law of diminishing marginal returns.

  • Long-run Production: Each production operation also engages in long-run planning even while it is engaged in short-run production.

Course Home | Lesson Menu | Page Back | Page Next

NORMATIVE ECONOMICS

The branch of economics that seeks to recommend the way the economy should operate. It is the policy side of economics that is based on individual preferences and cannot be proven either right or wrong. A normative economic statement cannot be refuted by looking at the real world--that is, by testing hypotheses.

Complete Entry | Visit the WEB*pedia


APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for the last item on a shelf.
Your Complete Scope

This isn't me! What am I?

Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. "

-- Martin Luther King Jr., civil rights leader

ADR
American Depositary Receipt, Asset Depreciation Range
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2025 AmosWEB*LLC
Send comments or questions to: WebMaster