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October 18, 2018 

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HOMOGENEOUS PRODUCT: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a product can not be identified from the product itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.

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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy Page: 18 of 20

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  • That monetary policy is controlling the money creation activity of the fractional-reserve banking system to control deposits and the money supply.
  • That expansionary monetary policy increases aggregate demand up to full employment and contractionary monetary policy decreases aggregate demand back to full employment.
  • The four tools of monetary policy: open market operations, discount rate, reserve requirements, and moral suasion.
  • How open market operations are used by the Fed to control the money supply.
  • That the discount rate is used by the Fed to signal the intentions of the open market operations.
  • That reserve requirements are the regulations the Fed uses to ensure banks keep enough reserves to back deposits.
  • That moral suasion is a policy in which the Fed requests that the banking system take some sort of action.

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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

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