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July 18, 2025 

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LONG RUN, MICROECONOMICS: In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable. The long run is primarily used to analyze production decisions for a firm and is also referred to as the planning horizon. The long run is a period of time in which a business can change the quantities of ALL resource inputs--labor, capital, land, and entrepreneurship. Nothing is fixed. If your factory is to small, well then, build a bigger one. The long-run analysis of production is used to better understand economies of scale, diseconomies of scale, and long-run market supply.

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MONEY SUPPLY RULE: A proposed policy that would constrain the growth of the money supply to equal growth of the economy's production capabilities. The logic behind such a rule is to prevent discretionary use of monetary policy, which is often blamed for political business cycles and the resulting problems of inflation and unemployment.

     See also | Federal Reserve System | monetary policy | political business cycle | conservative | balanced-budget amendment | automatic stabilizers | inflation | unemployment |


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TOTAL REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between the total revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. It is combined with a perfectly competitive firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for rusty deck screws.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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