|
|
AR: The abbreviation for average revenue, which is the revenue received for selling a good, per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue actually goes by a simpler and more widely used term... price. Average revenue is really a fancy-schmancy term for the price received by a seller for selling a good. However, using the longer term average revenue let's us see the connection with other terms, like total revenue, marginal revenue, and quantity.
Visit the GLOSS*arama
|
|
|
|
                           VERY LONG RUN, MICROECONOMICS: A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run. The very long run is a production time period that is so long that all productive inputs are variable, including those that are variable in the long run (labor and capital) as well as those that change slowly and/or are beyond the control of the firm. In the very long there are no fixed inputs. Everything affecting production is likely to change. The task facing a firm is then to adjust to all sorts of changes.Consider a comparison between the long run and the very long run: - In the long run, all inputs under the control of the firm or producer are variable. In other words, a firm can change the size of the workforce as well as the plant size and other capital inputs. However, the firm operates under existing government regulations, has access to the same transportation infrastructure, and makes use of the same production technology.
- In the very long run, technology, social institutions, and other things that may change very slowly and/or may be largely beyond the direct control of the firm can change. A firm not only builds a new plant in the very long run, but this plant makes use of improved technology and is adapted to new government regulations.
Recommended Citation:VERY LONG RUN, MICROECONOMICS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 18, 2024].
Check Out These Related Terms... | | | | | | | |
Or For A Little Background... | | | | | | | | | | | | | |
And For Further Study... | | | | | | | | | | | | | |
Search Again?
Back to the WEB*pedia
|
|
|
BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
Your Complete Scope
This isn't me! What am I?
|
|
|
Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
|
|
|
"The road to success is always under construction. " -- Lily Tomlin, Actress
|
|
RBC
Real Business Cycle
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
