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AMERICAN ASSOCIATION OF UNIVERSITY PROFESSORS: An association of university and college faculty established in 1915 to protect academic freedom. Commonly abbreviated AAUP, this association is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

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Lesson 16: Perfect Competition | Unit 1: Price Taker Page: 5 of 28

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

In this unit, you should have learned about:
  • Perfect competition as an ideal market structure that can provide a better understanding of market supply.
  • That perfect competition does not exist in its' idealized "perfect" form in the real world, but that it provides a benchmark for evaluating real world firms and other market structures.
  • The four characteristics of perfect competition:
    1. A large number of small firms.
    2. Identical products.
    3. Perfect resource mobility.
    4. Perfect knowledge.
  • That a perfectly competitive firm is a price taker, with no market control or the ability to affect price determined in the market.
  • Why the demand curve facing a perfectly competitive firm is horizontal or perfectly elastic.
  • The profit maximization motivation of a perfectly competitive firm, which is fundamentally the same as any other firm.


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BALANCE ON SERVICES

A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?

The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"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

MC
Marginal Cost
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