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LONG-RUN PRODUCTION: An analysis of the production decision made by a firm in the long run. The central feature of this long-run analysis is returns to scale, which results in the long run even though all inputs are variable. Returns to scale are reflected in the long-run average cost curve as either economies to scale or diseconomies to scale.
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Lesson 18: Monopoly | Unit 3: Output
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Page: 21 of 30
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In this unit, you should have learned about:- How a monopoly is motivated to produce the quantity of output that maximizes profit, just like any other firm.
- How the short-run output decision by a monopoly can be analyzed by calculating profit as the difference between total revenue and total cost.
- How the short-run output decision by a monopoly can be identified by equating marginal revenue and marginal cost.
- How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the greatest vertical distance between the total revenue and total cost curves.
- How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the peak of the profit curve.
- How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the intersection between the marginal revenue and marginal cost curves.
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INFLATION A persistent increase in the average price level in the economy. It is measured by the inflation rate, the annual percentage change in a price index such as the Consumer Price Index (CPI) or GDP price deflator. Inflation is the most common phenomenon associated with the price level. Two related phenomena are deflation, a decrease in the price level, and disinflation, a decrease in the inflation rate. Inflation is one of two key macroeconomic problems. The other is unemployment.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for slow moving vehicles with darkened windows.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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HDI
Human Development Index
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