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BIS: The Bank for International Settlements (BIS) is an international organization which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability. Established in 1930, the BIS is the world's oldest international financial organization. The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong, China and in Mexico City. As its customers are central banks, the BIS cannot accept deposits from, or provide financial services to, private individuals or corporate entities.

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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium Page: 24 of 28

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

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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LEAKAGES

Non-consumption uses of aggregate income. The three uses of income grouped under the heading of leakages are saving, taxes, and imports. Leakages subtract from the core circular flow containing consumption, production, and income. The injections-leakages model is a Keynesian economics analysis that combines leakages with injections (investment expenditures, government purchases and exports) to identify the equilibrium level of aggregate production and income.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?

Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

MTN
Multilateral Trade Negotiations
A PEDestrian's Guide
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