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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 20: Federal Reserve System | Unit 4: Monetary Policy
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Page: 16 of 20
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Topic:
Reserve Requirements
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Reserve requirements are the regulations the Fed uses to ensure banks keep enough reserves to back deposits.- In principle, reserve requirements can be used to control the money supply. In practice, reserve requirement changes would cause serious bank instability.
- The Federal Reserve System is charged with ensuring that banks keep enough reserves, through legal reserve requirements.
- Reserve requirements change over the years, keeping pace with the changing structure of the banking system.
- They are currently in the 1% to 3% for checkable deposits. These are the reserves that banks use to cash checks, process checks, and conduct daily business.
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AVERAGE TOTAL COST Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"I've always believed that if you put in the work, the results will come. I don't do things half-heartedly. Because I know if I do, then I can expect half-hearted results. " -- Michael Jordan, basketball player
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OTS
Office of Thrift Supervision
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