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IN-KIND PAYMENT: A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they helped to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the middle sell-production-for-money step

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Lesson Contents
Unit 1: Price Taker
  • A Perfect Market
  • Characteristics
  • Revenue
  • Profit Maximization
  • Unit 1 Summary
  • Unit 2: Short-Run Output
  • The Revenue Side
  • The Revenue Numbers
  • The Cost Side
  • Comparing Totals
  • Comparing Marginals
  • Unit 2 Summary
  • Unit 3: Doing Graphs
  • Total Curves
  • Profit Curve
  • Marginal Curves
  • Dividing Revenue
  • Short-Run Alternatives
  • Short-Run Supply
  • Unit 3 Summary
  • Unit 4: Long-Run Equilibrium
  • Long-Run Marginal Cost
  • Adjustment
  • Entry And Exit
  • Equilibrium Conditions
  • Long-Run Supply
  • Unit 4 Summary
  • Unit 5: Evaluation
  • The Good
  • The Bad
  • Market Control
  • Unit 5 Summary
  • Course Home
    Perfect Competition

    • The first unit of this lesson, Price Taker, begins this study with a look at the general structure of a perfectly competitive market.
    • In the second unit, Short-Run Output, we take a look at the short-run production decision faced by a perfectly competitive firm based on the cost and revenue numbers.
    • The third unit, Doing Graphs, then looks at the short-run production decision faced by a perfectly competitive firm using a graphical analysis of cost and revenue.
    • In the fourth unit, Long-Run Equilibrium, we examine the nature of long-run adjustment by a perfectly competition industry when all inputs are variable.
    • The fifth and final unit, Evaluation, then closes this lesson by considering the pros and cons of a perfectly competitive industry.

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    MARGINAL REVENUE, MONOPOLISTIC COMPETITION

    The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopolistically competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopolistically competitive firm equates marginal revenue and marginal cost.

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    GRAY SKITTERY
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    Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for crowded shopping malls.
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    This isn't me! What am I?

    The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
    "If anything terrifies me, I must try to conquer it. "

    -- Francis Charles Chichester, yachtsman, aviator

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