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GOVERNMENT PURCHASES OF GOODS AND SERVICES: Expenditures on final goods and services (that is, gross domestic product) undertaken by the government sector. The official entry for government purchases in the National Income and Product Accounts maintained by the Bureau of Economic Analysis is termed government consumption expenditures and gross investment. Government purchases are used to operate the government (administrative salaries, etc.) and to provide public goods (national defense, highways, etc.). Government purchases do not include other government spending for transfer payments. These are expenditures on final goods by all three levels of government: federal, state, and local governments.

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Lesson 16: Perfect Competition | Unit 3: Doing Graphs Page: 18 of 28

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

In this unit, you should have learned about:
  • How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the greatest vertical distance between the total revenue and total cost curves.
  • How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the peak of the profit curve.
  • How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the intersection between the marginal revenue and marginal cost curves.
  • That the total revenue received by a profit-maximizing perfectly competitive firm is divided between total cost, total variable cost, total fixed cost, and profit.
  • That a profit-maximizing perfectly competitive firm faces three short-run output alternatives based on a comparison of price, average total cost, and average variable cost.
  • Why the short-run supply curve for a perfectly competitive firm is the segment of the marginal cost curve that lies above the average variable cost curve.
  • That the short-run supply curve for a perfectly competitive firm is positively sloped due to the law of diminishing marginal returns.


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LAW

A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for crowded shopping malls.
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John Maynard Keynes was born the same year Karl Marx died.
"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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