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U-SHAPED COST CURVES: The family of short-run cost curves consisting of average total cost, average variable cost, and marginal cost, all of which have U-shapes. They are U-shaped because each has high but falling cost at low quantities of output, which then reaches a minimum, then has rising cost at larger quantities of output. Although the average fixed cost curve is not U-shaped, it's occasionally included with the other three just for sake of completeness.

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Lesson 18: Monopoly | Unit 1: Intro Page: 6 of 30

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In this unit, you should have learned about:
  • Monopoly as the market structure with a single seller of a product with no close substitutes and high entry barriers.
  • How a firm can achieve and keep monopoly status through product differentiation and entry barriers.
  • Numerous examples of real world monopolies in the areas of pharmaceuticals, public utilities, natural resources, and labor unions.
  • How monopoly, on one end of the market-structure spectrum, compares to perfect competition, on the other end.
  • The two types of imperfect competition, monopolistic competition and oligopoly.

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MARGINAL PROPENSITY TO CONSUME

The proportion of each additional dollar of household income that is used for consumption expenditures. The marginal propensity to consume (abbreviated MPC) is another term for the slope of the consumption line and is calculated as the change in consumption divided by the change in income. The MPC plays a central role in Keynesian economics. It quantifies the consumption-income relation and the fundamental psychological law. It is also a foundation for the slope of the aggregate expenditures line and is critical to the multiplier process. A related consumption measure is the average propensity to consume.

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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for gnomes hiding in cypress trees.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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