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MARGINAL REVENUE AND MARGINAL COST: A profit-maximizing firm produces the quantity of output that equates marginal revenue and marginal cost. This is one of three methods typically used to determine the profit-maximizing quantity of output produced by a firm. The other two methods are total revenue and total cost and profit curve. This marginal revenue and marginal cost approach to identifying profit-maximizing production can be accomplished using either a table of numbers of a set of curves. The end result is the same. Profit-maximizing production takes place at the quantity generating an equality between marginal revenue and marginal cost.

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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.

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DEMAND INCREASE

An increase in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a rightward shift of the demand curve. An increase in demand is caused by a change in a demand determinant and results in an increase in equilibrium quantity and an increase in equilibrium price. A demand increase is one of two demand shocks to the market. The other is a demand decrease.

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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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