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HARD CURRENCY: Historically money that is in the form of precious metals, especially gold. In modern times, any national currency that is expected to retain its value (and even appreciate in value), and is readily acceptable for most international transactions. The U.S. dollar, German marc, and Swiss franc tend to be near the top of the list of hard currencies (also termed hard money).

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Lesson 7: Market | Unit 4: Adjustment Page: 13 of 22

Topic: Self-Correction <=PAGE BACK | PAGE NEXT=>

Markets have a built-in self correction mechanism:
  • If a market is at equilibrium, it remains there.
  • If a market is not at equilibrium, it moves to equilibrium.
  • A market does not need someone (like government) controlling it to ensure that it reaches equilibrium.
Three price alternatives:
  • At equilibrium, nothing changes.
  • Below equilibrium, a shortage.
  • Above equilibrium, a surplus.
  • By creating shortages and surpluses, non-equilibrium prices induce the price to change. These changing prices move the market back to equilibrium.

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MARGINAL REVENUE CURVE, MONOPOLY

A curve that graphically represents the relation between the marginal revenue received by a monopoly for selling its output and the quantity of output sold. Because a monopoly 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 monopoly 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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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for jovial bank tellers.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened. "

-- Winston Churchill, British statesman

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