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AGGREGATE: A common modifier for an assortment of economic terms used in the study of macroeconomics that signifies a comprehensive, often national, total value. This modifier most often surfaces in the study of the AS-AD, or "aggregate market", model of the economy with such terms as aggregate demand and aggregate supply. For example, aggregate demand indicates the total demand for production in the macroeconomy and aggregate supply indicates the total amount of that output produced. Two other noted "aggregate" terms are aggregate expenditures and aggregate production function.
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Lesson 23: Factor Market Equilibrium | Unit 3: Perfect Competition
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Page: 15 of 24
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In this unit, you should have learned about:- The characteristics of perfection competition for factor markets.
- That a firm operating in a perfect competition factor market employs a resource where marginal revenue product is equal to the factor price.
- That perfect competition achieves efficiency in a factor market much like it does in a product market.
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PERFECT COMPETITION, TOTAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that generates the greatest difference between total revenue and total cost. This total approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of marginal revenue and marginal cost.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for rusty deck screws.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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KCBT
Kansas City Board of Trade
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