BALANCE OF TRADE DEFICIT: An imbalance in a nation's balance of trade in which the payments for merchandise imports made by the country exceed payments for merchandise exports received by the country. This is also termed an unfavorable balance of trade. It's considered unfavorable because more goods are imported into the country than are exported out, meaning that domestic production is replaced with foriegn production, which then reduces domestic employment and income. A balance of trade deficit is often the source of a balance of payments deficit.

     See also | balance of trade | export | import | circular flow | balance of trade surplus | balance of payments deficit | international trade | foreign trade | domestic | foreign | current account |

BALANCE OF TRADE DEFICIT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 1, 2023].

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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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