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MARGINAL REVENUE, MONOPOLISTIC COMPETITION: The change in total revenue received by a monopolistically competitive firm resulting from a change in the quantity of output sold. For a monopolistically competitive firm, marginal revenue is less than the price.

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Lesson 18: Banking | Unit 5: The Economy Page: 24 of 24

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  • Some of the main benefits provided by banks as:
    • Financial intermediaries: banks match savers and borrowers.
    • Depository institutions: banks oversee a share of the nation's M1 money supply.
  • That when a bank fails to maintain adequate reserves, it runs the risk of starting a chain reaction that could cause economy-wide financial instability.
  • That banking regulations have lessened but not eliminated banking instability problems.

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IN-KIND PAYMENTS

A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services produced by the resource buyer 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 help 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 sell-production-for-money step.

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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 remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for celebrities who speak directly to you through your television.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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