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October 18, 2018 

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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND: A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.

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Lesson 17: Money | Unit 1: Money Basics Page: 3 of 25

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  • The basic definition of money, which is anything that is generally accepted in exchange for goods and services.
  • That money is something that can be readily traded for valuable assets.
  • That money is THE medium through which market exchanges travel.
  • The two types of value:
    1. Value in use which means an item provides satisfaction of wants and needs.
    2. Value in exchange which means an item does not provide satisfaction directly but can be traded for something that does.
  • That money is an economic lubricant and that much money prompts inflationary expansion and too little entices recessionary unemployment.

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PERFECT COMPETITION, SHORT-RUN SUPPLY CURVE

A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along its positively-sloped marginal cost curve in response to changing prices.

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Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either any book written by Stephan King or a T-shirt commemorating next Thursday. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

M3
M2 plus investment types of near monies, including large denomination certificates of deposits, institutional money market deposits, and longer term repurchase agreements and Eurodollars
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