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HARD MONEY: 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 money (also termed hard currency).
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Lesson 18: Monopoly | Unit 4: Evaluation
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Page: 23 of 30
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Topic:
Loss Minimization
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- A monopoly faces the same three production alternatives as any firm operating in any market structure.
- P > ATC: Total revenue exceeds total cost and the firm receives a positive economic profit.
- ATC < P > AVC: Total revenue falls short of total cost, meaning the firm incurs an economic loss (or negative economic profit).
- P < AVC: Total revenue also falls short of total cost, and the firm incurs an economic loss (or negative economic profit).
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PAPER ECONOMY Markets, exchanges, and other assorted economic activities that deal with legal or paper claims on physical assets rather than the physical assets. The vast majority of activities for the paper economy take place through financial markets. The paper economy complements production and consumption activities of the real economy that involve product markets and resource markets.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for strangers with large satchels of used undergarments.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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S
Supply
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