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AMEX: The common abbreviation for the American Stock Exchange, which is one of three national stock markets in the United States (see National Association of Securities Dealers and New York Stock Exchange) that trade ownership shares in corporations. In terms of daily stock transactions and the number of stocks listed, the American Stock Exchange is the smallest of these three. However, it's composite index of stock prices -- AMEX is considered important enough to be flashed briefly on the nightly news.

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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium Page: 20 of 28

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  • Conditions to maximize profit by adjustment plant size in the long run:

    • Long-Run Profit Maximization: First, the firm maximizes its profit in the long run by equating marginal revenue (MR) and long-run marginal cost (LRMC).

    • Short-Run Profit Maximization: Second, the firm maximizes its profit in the short run by equating marginal revenue (MR) and short-run marginal cost (SRMC).

    • Marginal Cost Equality: Third, combining the first two conditions, means that the firm has equality between short-run marginal cost (SRMC) and long-run marginal cost (LRMC).

    • Efficient Plant Size: Fourth, the firm has also selected the most efficient plant size for short-run production given its long-run scale of operations. In other words, his short-run average total cost (SRATC) and long-run average cost (LRAC) are also equal.

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CAPITALISM

A type of economy, or economic system, based on--(1) private ownership of most resources, goods, and other assets; (2) freedom to generally use the privately-owned resources, goods, and other assets to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for mail order catalogs with hidden messages.
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In the early 1900s around 300 automobile companies operated in the United States.
"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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