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September 21, 2021 

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ORIGIN: In a graph, this is point of intersection between the X and Y axes. This intersection point is at the zero values for both axes. This double-zero is the "starting point" for plotting points in the coordinate space established by the two axes.

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DOUBLE COUNTING: The act of including the value of intermediate goods more than once in the value of gross domestic product. Because the value, or price, of final goods includes the cost, or value, of all intermediate goods used, including market transactions for intermediate separately in the measurement of gross domestic product would lead to double counting.

     See also | gross domestic product | final goods | intermediate good | current production | value | household sector | business sector | consumption expenditures | investment expenditures | government purchases | net exports |


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DOUBLE COUNTING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: September 21, 2021].


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PERFECT COMPETITION, LONG-RUN PRODUCTION ANALYSIS

In the long run, a perfectly competitive firm adjusts plant size, or the quantity of capital, to maximize long-run profit. In addition, the entry and exit of firms into and out of a perfectly competitive market guarantees that each perfectly competitive firm earns nothing more or less than a normal profit. As a perfectly competitive industry reacts to changes in demand, it traces out positive, negative, or horizontal long-run supply curve due to increasing, decreasing, or constant cost.

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