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April 25, 2018 

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LONG-RUN AVERAGE COST: The per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).

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Lesson 20: Federal Reserve System | Unit 2: What It Does Page: 4 of 20

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

The Fed is responsible for ensuring that the economy has the proper amount of money in circulation.
  • In the old days, governments controlled the money supply by printing and minting money.
  • In modern times, with bank checkable deposits in the money supply, the Fed controls money by controlling banks.

Two reasons:

  • First: Too much money causes inflation and too little money leads to recession and unemployment. The challenge is to keep enough money in circulation.
  • Second: Money is absolutely essential in a modern complex economy. Faith in the value of fiat money is best provided by a centralized, national government that has the authority to ensure the value of money.

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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION

A curve that graphically represents the relation between the marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because a monopolistically competitive firm is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopolistically competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.

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APLS

ORANGE REBELOON
[What's This?]

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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This isn't me! What am I?

The average length of a "business lunch" is about 36 minutes.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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Pareto Optimal
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