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MARGINAL REVENUE: The change in total revenue resulting from a change in the quantity of output sold. For a perfectly competitive firm, marginal revenue is equal to price.
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Lesson 22: Factor Supply | Unit 5: Taking Stock
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Page: 23 of 25
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- Let's take stock of what factor supply is:
- First, factor supply is one side of the factor market, the other being factor demand.
- Second, that each of the four factors of production have different considerations for factor supply.
- Third, that factor markets have differing degrees of market control on the buying side, which affects the factor cost incurred by the buyers.
- Fourth, that while factor supply is the relation between factor quantity and factor price, other factor supply determinants are also important.
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PERFECT COMPETITION, LOSS MINIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for infected paper cuts.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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BST
Bulk Supply Tariff
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