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LONG-RUN ADJUSTMENT, PERFECT COMPETITION: The combined adjustment of a perfectly competitive industry and of each firm in the industry to an equilibrium condition that eliminates all economic profits and losses, while each firm selects a factor size that maximizes profit. This adjustment process involves two parts. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminated economic profits or economic losses. The end result of this long-run adjustment is a multi-faceted equilibrium condition: P = AR = MR = MC = LRMC = ATC = LRAC

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Lesson 21: Factor Demand | Unit 5: Taking Stock Page: 23 of 24

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  • A few topics you can look forward to in other lessons.

    • Factor Supply: Factor demand is only one side of the factor market. The other side, as you might suspect, is factor supply.

    • Factor Market Equilibrium: The balance of factor demand and factor supply in the factor market, like any market, generates equilibrium.

    • Labor Markets: Labor represents the most widely used factor service throughout the economy.


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KEYNESIAN AGGREGATE SUPPLY CURVE

An aggregate supply curve--a graphical representation of the relation between real production and the price level--that reflects the basic principles of Keynesian economics. The Keynesian aggregate supply curve actually comes in two versions. The basic version is reverse-L shaped, with a horizontal segment connected to a vertical segment at a sharp corner. The modified version is also reverse-L shaped, but the vertical and horizontal segments have positive slopes and connecting corner is rounded. An alternative is the classical aggregate supply curve.

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