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A: The common notation for the "intercept" term of an equation specified as Y = a + bX. Mathematically, the a-intercept term indicates the value of the Y variable when the value of the X variable is equal to zero. Theoretically, the a-intercept is frequently used to indicate exogenous or independent influences on the Y variable, that is, influences that are independent of the X variable. For example, if Y represents consumption and X represents national income, a measures autonomous consumption expenditures.

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Lesson 7: Market Equilibrium | Unit 5: Efficiency Page: 17 of 22

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Efficiency is one of the five basic goals of the economy. It's nice to have, if you can.
  • Efficiency is getting the most satisfaction of wants and needs from available resources.
  • Scarcity is less of a problem when resources are used efficiently.
  • Economists like markets because they can achieve efficiency under the right conditions. And because markets are self-correcting, they can achieve this efficiency without intervention.

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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS

A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for malfunctioning pocket calculators.
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The average bank teller loses about $250 every year.
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