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TOTAL REVENUE CURVE: A curve that graphically represents the relation between total revenue received by a firm for selling its output and the quantity of output sold. It is used with the firm's total cost curve to determine economic profit. The marginal revenue curve, a key factor for determining the profit-maximizing level of a firm's output, is derived directly from the total revenue curve. This curve is constructed to capture the relation between total revenue and the level of output, holding other variables constant.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 15 of 20

Topic: Quality of Resources <=PAGE BACK | PAGE NEXT=>

Resource quality tends to change slowly and gradually. We seldom see big jumps in these long run aggregate supply determinants.

Two ways to improve resource quality:

  • Technology: The information about production techniques. It generally moves forward, so that aggregate supply increases. Technology primarily affects capital and land.
  • Education: Transferring information, knowledge, and training to people. It also generally moves forward, increasing aggregate supply. Education is most important for labor.
Resource quality generally increases, but it can decrease in unusual circumstances.

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L

A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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