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LRMC: The abbreviation for long-run marginal cost, which is the change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is the increment in the corresponding total. What's most notable about long-run marginal cost, however, is that we are operating in the long run. Unlike the short run, in which at least one input is fixed, there are no fixed inputs in the long run. As such, there is only variable cost. This means that long-run marginal cost is the result of changes in the cost of all inputs.

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Lesson 19: Monopolistic Competition | Unit 4: Analysis Page: 15 of 22

Topic: Profit, Loss, And Supply <=PAGE BACK | PAGE NEXT=>

  • Similarities between monopolistic competition and other market structures.

    • Profit and Loss: Like any firm in any market structure, the monopolistic competitive firm is not guaranteed an economic profit in the short run.

    • Short-run Supply: The short-run supply curve for a firm in perfect competition is that portion of the marginal cost curve above the average variable cost curve. In contrast, there is no comparable short-run supply curve for monopoly.


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FACTORS OF PRODUCTION

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for strangers with large satchels of used undergarments.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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LRAC
Long Run Average Cost
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