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FINANCIAL INTERMEDIARY: An intermediary matches up buyers and sellers in a market, is a go-between producers and consumers. A financial intermediary is one that matches up buyers and sellers in financial markets that trade legal claims such as stocks and bonds. Banks are among the most important financial intermediaries in the economy. Others include insurance companies, stock brokers, and mutual fund companies.

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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium Page: 22 of 28

Topic: Equilibrium Conditions <=PAGE BACK | PAGE NEXT=>

  • The conditions for perfect competition:
    • Profit maximization:

      MR = SRMC = LRMC.

    • Normal profit:

      P = SRATC = LRAC.

  • Let me also include the condition that exists because a firm is perfectly competitive:
    • Perfect competition:

      P = MR = AR.


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POINT ELASTICITY

The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for cardboard boxes.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"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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