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CAPITAL GAINS TAX: A tax on the difference between the sales price of a "capital" asset and it's original purchase price. The capital assets subject to this tax include such things real estate, stocks, and bonds. This tax is frequently a source of controversy between the second and third estates. In that the second estate owns and sells a lot of this sort of capital, they don't like to pay taxes on capital gains. However, because the third estate doesn't have much capital it seems like a pretty good thing to tax. Those who oppose the capital gains tax argue that it takes away funds that would be used for further capital investment, which thus inhibits economic growth. Those who favor it argue that helps equalize unfairly unequal income and wealth distributions.

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Lesson 16: Perfect Competition | Unit 2: Short-Run Output Page: 11 of 28

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

In this unit, you should have learned about:
  • The revenue side of a perfectly competitive firm that contains three key measures -- total revenue, average revenue, and marginal revenue.
  • How average revenue and marginal revenue are derived from total revenue.
  • Why P = AR = MR for a perfectly competitive firm that is a price taker.
  • The cost side of a perfectly competitive firm, which like any firm, is governed by the law of diminishing marginal returns in the short run.
  • How the short-run output decision by a perfectly competitive firm can be analyzed by calculating profit as the difference between total revenue and total cost.
  • That a perfectly competitive firm selects the quantity of output that maximizes profit.
  • How the short-run output decision by a perfectly competitive firm can be identified by equating marginal revenue and marginal cost.


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FIRM OBJECTIVES

The standard economic assumption underlying the analysis of firms is profit maximization. Real world firms, however, might not, and many times do not, make decisions based on the profit-maximization objective, or at least exclusively on the profit-maximization objective. Other objectives include: (1) sales maximization, (2) pursuit of personal welfare, and (3) pursuit of social welfare.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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North America Free Trade Agreement
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