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DEMAND AND SUPPLY INCREASE: A simultaneous increase in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a rightward shift of the demand curve, and an increase in the willingness and ability of sellers to sell a good at the existing price, illustrated by a rightward shift of the supply curve. When combined, both shifts result in an increase in equilibrium quantity and an indeterminant change in equilibrium price.
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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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AVERAGE REVENUE AND MARGINAL REVENUE A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for a thesaurus filled with typos.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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WTO
World Trade Organization
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