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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.

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Lesson 18: Banking | Unit 2: Banking Details Page: 5 of 24

Topic: Commercial Banks <=PAGE BACK | PAGE NEXT=>

The first type of financial institution is a traditional bank.

Traditional banks have a long history in the economy:

  • They were the original financial intermediaries.
  • They diverted household income into loans for business investment.
  • They offered checking accounts.

They were heavily regulated entities:

  • The big ones, the national banks, were subject to the regulations by the Federal Reserve System, the Federal Deposit Insurance, etc.
  • Other banks, more numerous, but usually smaller, were chartered and regulated by state or local agencies.

Before the 1970's:

  • Banks were the only financial intermediaries that offered checking accounts.

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ACCOUNTING COST

An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.

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