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SELF-CONCEPT: A person's view or image of herself or himself. This is closely related to one's personality. A poor self-concept or negative sense of oneself can have a damaging affect on a person's ability to interact with others. Those who have a positive self-concept tend to believe in who they are and have confidence in their abilities to deal with various situations. Marketing researchers know that consumers tend to make purchases that reflect and enhance self-concept.
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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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BANK ASSETS What a bank owns, including loans, reserves, investment securities, and physical assets. Bank assets are typically listed on the left-hand side of a bank's balance sheet. Bank liabilities, what a bank owes, are listed on the right-hand side of a bank's balance sheet. Net worth is the difference between assets and liabilities. The largest asset category of most bank is loans, which generates interest revenue. A critical asset category used to maintain the safety of deposits is reserves (vault cash and Federal Reserve deposits).
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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OMB
Office of Management and Budget
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