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MARGINAL PRODUCT CURVE: A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of the variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm in large part because economists are generally obsessed with marginal changes in production.

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Lesson 17: Money | Unit 3: Monetary Aggregates Page: 14 of 25

Topic: M3 <=PAGE BACK | PAGE NEXT=>

M3 is equal to M2 plus other near monies.
  • We have five trillion dollars of M3.
  • M3 averaged over 270 million people in the U. S. is about $18,000 per person.
  • Other near monies added to M3 are less liquid than the M2 near monies.
  • M3 other near monies are essentially investments.

M3 other near monies:

  • Larger denomination certificates of deposit and longer-term repurchase agreements.
  • M2 includes CDs less than $10,000.
  • M3 includes CDs over $100,000.
  • M3 includes repurchase agreements and Eurodollars of longer duration than the ones M2 includes.
  • These longer term and bigger M3 other near monies are less liquid than the M2 near monies.

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EIGHT-FIRM CONCENTRATION RATIO

The proportion of total output in an industry produced by the eight largest firms in an industry. This is one of two common concentration ratios. The other is the eight-firm concentration ratio. Another related measure is the Herfindahl index. The eight-firm concentration ratio is commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control held by the eight largest firms in the industry.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for letters from the Internal Revenue Service.
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John Maynard Keynes was born the same year Karl Marx died.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

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