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MARGINAL REVENUE: The change in total revenue resulting from a change in the quantity of output sold. For a perfectly competitive firm, marginal revenue is equal to price.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 6 of 22

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  • The notion of the aggregate market as an analytical tool used for understanding the macroeconomy.
  • Combining the two sides of the aggregate market, aggregate demand and aggregate supply.
  • The two aspects of the macroeconomy analyzed with the aggregate market--the price level and real production.
  • The two basic problems that can be examined with the aggregate market--unemployment and inflation.

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PERFECT COMPETITION, REVENUE DIVISION

The marginal approach to analyzing a perfectly competitive firm's short-run profit maximizing production decision can be used to identify the division of total revenue among variable cost, fixed cost, and economic profit. The U-shaped cost curves used in this analysis provide all of the information needed on the cost side of the firm's decision. The demand curve facing the firm (which is also the firm's average revenue and marginal revenue curves) provides all of the information needed on the revenue side.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for fairy dust that tastes like salt.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Man is born to live, not to prepare for life. "

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