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LOSS MINIMIZATION, MONOPOLY: The marginal revenue and marginal cost approach to analyzing a monopoly firm's short-run production decision can be used to identify economic loss. The U-shaped cost curves used in this analysis provides all of the information needed on the cost side of the firm's decision. The demand curve facing the firm (which is also the firm's average revenue curve) and the firm's marginal revenue curve provides the information needed on the revenue side.

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Lesson 17: Money | Unit 4: Money's History Page: 18 of 25

Topic: Commodity Money <=PAGE BACK | PAGE NEXT=>

Because barter has limitations, the double coincidence of needs, peoples used commodities as money.

Commodity money:

  • When they began using a widely desired commodity, they created commodity money.
  • Commodity money has value in use and value in trade.
  • The value in use dictates value in trade.
  • Some commodities are better than others in terms of the four money characteristics.
  • Our ancestors tried many different commodities before finding one type that fits the characteristics better than most metals.

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PERFECT COMPETITION, SHUTDOWN

A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for slightly overweight pizza delivery guys.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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