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TOTAL FIXED COST CURVE: A curve that graphically represents the relation between total fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between total fixed cost and the level of output, holding other variables, like technology and resource prices, constant. Because total fixed cost are, in fact, fixed, the total fixed cost curve is, in fact, a horizontal line.

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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy Page: 12 of 20

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The Federal Reserve controls banks as a means of controlling the money supply.

A more specific definition:

Monetary policy is controlling the money creation activity of the fractional-reserve banking system to control deposits and the money supply to affect business-cycle fluctuations.

Early tasks of the Fed:

  • To keep banks in business and to avoid serious reductions in bank reserves that would shrink financial wealth and money supply.

    What the Fed does now:

  • Manipulate the money supply by manipulating reserves.

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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time at an auction looking to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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