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NATIONAL INCOME: The total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year. This is the government's official measure of how much income is generated by the economy. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported quarterly (every three months) in the National Income and Product Accounts by the Bureau of Economic Analysis.

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Lesson 19: Monopolistic Competition | Unit 4: Analysis Page: 16 of 22

Topic: Efficiency And Excess Capacity <=PAGE BACK | PAGE NEXT=>

  • The market control of monopolistic competition firms has two important implications:

  • First, resources are not used efficiently.
  • Second, as previously noted, firms have excess capacity.

    • Efficiency: Resources are used efficiently when price is equal to marginal cost.

    • Excess Capacity: In the long run, efficient use of capital is achieved at the minimum efficient scale.


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MARGINAL REVENUE PRODUCT

The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"The past is a foreign country; they do things differently there."

-- Leslie Poles Hartley, Writer

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American Bankers Association, Associate in Business Administration
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