Google
Sunday 
August 14, 2022 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
ECONOMIC GOAL: One of five basic conditions of the mixed economy that is generally desired by society. We typically divide these five into macro goals (full employment, stability and economic growth) and micro goals (efficiency and equity).

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium Page: 23 of 28

Topic: Long-Run Supply Curves <=PAGE BACK | PAGE NEXT=>

  • What is the industry's long-run supply curve?

  • Three types of industries and long-run supply curves:

    • Increasing-cost industry: Should input prices rise with greater industry-wide production, then the average cost of production rises.

    • Decreasing-cost industry: Should input prices fall with greater industry-wide production, then the average cost of production falls.

    • Constant-cost industry: Should input prices remain unchanged with greater industry-wide production, then the average cost of production are also constant.

Course Home | Lesson Menu | Page Back | Page Next

ASYMMETRIC INFORMATION

Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.

Complete Entry | Visit the WEB*pedia


APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for neighborhood pets, especially belligerent parrots.
Your Complete Scope

This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"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

AV
Actual Value
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2022 AmosWEB*LLC
Send comments or questions to: WebMaster