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IADB: (Inter-American Development Bank) A regional multilateral development institution established 1959 to help accelerate economic and social development in Latin America and the Caribbean. The Bank provides loans and technical assistance using capital provided by its member countries, as well as resources obtained in world capital markets through bond issues. The Bank is owned by its 46 member countries: 26 borrowing member countries in Latin America and the Caribbean, and 20 nonborrowing countries, including the United States, Japan, Canada, 16 European countries, and Israel. The Inter-American Development Bank has its headquarters in Washington, DC.
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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium
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Page: 24 of 28
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In this unit, you should have learned about:- Long-run marginal cost and the long-run marginal cost curve, which capture the changes in total cost when ALL inputs are variable in the long run.
- How a perfectly competitive firm adjusts output and plant size in the long run to maximize profit by equating price to short-run and long-run marginal cost.
- How a perfectly competitive industry adjusts the number of firms in the industry in the long run to ensure that economic profit is zero and all firms receive a normal profit.
- That the long-run equilibrium for a perfectly competitive industry at the minimum efficient scale means that firms efficiently allocating resources and producing output at the lowest possible cost.
- The six long-run equilibrium conditions: perfect competition, profit maximization, normal profit, technical efficiency, minimum efficient scale, and economic efficiency.
- The three alternative long-run industry supply curves that reflect increasing cost, decreasing cost, and constant cost.
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RESERVE REQUIREMENTS Rules established and enforced by the Federal Reserve System governing the amount of reserves (vault cash and Federal Reserve deposits) that banks must keep to back up their deposits. Reserve requirements help to maintain a stable banking system and ensure that banks are able to conduct day-to-day check-clearing and cash-withdrawal transactions. These requirements are also one of the three monetary policy tools that the Fed can use, in principle, to control the money supply. The other two are open market operations and the discount rate.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for cardboard boxes.
Your Complete Scope
This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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CLADR
Class Life Asset Depreciation Range
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