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LEGAL RESERVES: The total amount of vault cash or Federal Reserve deposits of a bank. These are the only bank assets that can be used legally to satisfy reserve requirements.
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LONG-RUN MARGINAL COST The change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is an increment of the corresponding total. It is the change in long-run total cost divided by, or resulting from, a change in quantity. Long-run marginal cost is guided by returns to scale rather than marginal returns.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. " -- Malcolm S. Forbes, publisher
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MGE
Minneapolis Grain Exchange
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