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LONG RUN, MACROECONOMICS: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resources markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.

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FACTOR MARKET, EFFICIENCY: A factor market achieves efficiency in the allocation of resources by equating marginal revenue product to factor price. Perfect competition, as the efficiency benchmark, is the only market structure to satisfy this criterion and achieve factor market efficiency. Monopsony, oligopsony, and monopsonistic competition are inefficient because they equate marginal revenue product to marginal factor cost, both of which are greater than factor price.

     See also | factor market analysis | perfect competition, factor market analysis | monopsony, factor market analysis | monopoly, factor market analysis | bilateral monopoly, factor market analysis | monopsony, efficiency | factors of production | factor demand | factor supply | production | factor payments | market structures | marginal revenue product | marginal factor cost | efficiency | perfect competition | monopsony | oligopsony | monopsonistic competition | market structures | market control | monopsony, minimum wage | marginal productivity theory | compensating wage differentials | marginal revenue product and factor demand |


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ABSTRACTION

Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.

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