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VERY LONG RUN, MICROECONOMICS: A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run.
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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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MARKET EQUILIBRIUM, GRAPHICAL ANALYSIS An analysis of market equilibrium using a graph that combines a demand curve and a supply curve. A graphical analysis of the market is used to ascertain information such as market equilibrium, equilibrium price, equilibrium quantity, shortage, and surplus. This is one of two basic methods of analyzing market equilibrium. The other is a numerical analysis using demand and supply schedules.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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MP
Marginal Product
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