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AGGREGATE EXPENDITURE EQUATION: An equation indicating that aggregate expenditures (AE) are the sum of consumption expenditures (C), investment expenditures (I), government purchases (G), and net exports (X-M), stated as: AE = C + I + G + (X-M). This equation surfaces in the Keynesian economic income-expenditure model in the form of the aggregate expenditures line. However, it's also central throughout the study of macroeconomics, including aggregate demand and the measurement of gross domestic product.
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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium
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Page: 19 of 28
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Topic:
Long-Run Marginal Cost
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- The firm's long-run marginal cost:
- Long-run marginal cost is the change in total cost resulting from a change in the quantity of output produced by a firm in the long run.
- The primary difference between the long run and short run is what constitutes cost.
- In the short run, cost changes due to changes in variable inputs such as labor and materials. In the long run, cost changes due to changes in ALL inputs, because ALL inputs are now variable.
- Moreover, short-run changes in cost are guided by the law of diminishing marginal returns. Long-run changes in cost, in contrast, are guided by returns to scale.
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COMPETITION In general, the actions of two or more rivals in pursuit of the same objective. In an economic context, the specific objective pursued is usually either selling goods to buyers or buying goods from sellers.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. " -- Andrew Carnegie, entrepreneur
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PSID
Panel Study of Income Dynamics
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