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LONG-RUN AGGREGATE SUPPLY CURVE: A graphical representation of the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The long-run aggregate supply, or LRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.

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Lesson 16: Perfect Competition | Unit 5: Evaluation Page: 25 of 28

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  • Economists are very fond of perfect competition. The reason is efficiency

  • Here's how perfect competition achieves efficiency.

    • First, perfectly competitive firms maximize profit by producing the quantity of output that equates marginal revenue and marginal cost.

    • Second, perfectly competitive firms produce at the minimum point of the short-run and long-run average cost.

    • Third, perfectly competitive firms earn only a normal profit, equating price and average cost.

  • Perfect competition is the ONLY market structure that achieves efficiency.

  • This is why economists use perfect competition as THE benchmark for efficiency.


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SEIGNIORAGE

The difference between the face value, or value in exchange, of money and the cost of producing the money. This seigniorage is effectively the profit government generates from producing currency--printing paper bills or minting metal coins. That is, government effectively "makes money" by making money.

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Today, you are likely to spend a great deal of time at a flea market hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"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

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