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May 19, 2022 

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FIRM OBJECTIVES: The standard economic assumption underlying the analysis of firms is profit maximization. Firms are assumed to make decisions that will increase profit. Generally speaking, profit maximization is the process of obtaining the highest possible level of economic profit through the production and sales of goods and services. For a more thorough discussion of this topic, see the profit maximization entry. Real world firms might pursue other objectives including: (1) sales maximization, (2) pursuit of personal welfare, and (3) pursuit of social welfare. In some cases, these other objectives help a firm pursue profit maximization. In other cases, they prevent a firm from maximizing profit.

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MACROECONOMIC PROBLEMS: Undesirable situations that exist in the macroeconomy, largely because one or more of the macroeconomic goals are not satisfactorily attained. The primary problems are unemployment, inflation, and stagnant growth. Macroeconomic theories are designed to explain why these problems emerge and to recommend corrective policies.

     See also | unemployment | inflation | macroeconomic sectors | macroeconomic markets | macroeconomic theories | macroeconomy | full employment | stability | economic growth | Unemployment | inflation | demand | production | scarcity | living standard | price level | purchasing power | money | uncertainty | contraction | business cycle | expansion | aggregate production | factors of production | labor | capital | land | entrepreneurship | investment expenditures | depreciation | regulation | technology | education | macroeconomics | macroeconomic goals | full employment | business cycles | business cycle phases | stability | economic growth | factors of production | contraction | expansion | potential real gross domestic product | shortage | surplus | circular flow | technology |


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MACROECONOMIC PROBLEMS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 19, 2022].


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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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