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PERFECT COMPETITION AND SHORT-RUN SUPPLY CURVE: A perfectly competitive firm's supply curve is that portion of its' marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along it's marginal cost curve in response to alternative prices. Because the marginal cost curve is positively sloped due to the law of diminishing marginal returns, the firm's supply curve is also positively sloped.

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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid Page: 9 of 20

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The 37 Federal Reserve Banks are responsible for implementing the Fed policies and regulations.

Federal Reserve Banks:

  • Provide banking services for commercial banks.
  • Provide regulatory oversight of commercial banks.
  • Process checks for commercial banks.
  • Get newly printed currency into circulation.
  • Do economic analyses and monitor their district economies.
  • Offer limited services to the public.

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CONSUMER PRICE INDEX FOR URBAN WAGE EARNERS AND CLERICAL WORKERS

An index of prices of goods and services typically purchased by urban wage earners and clerical workers. This carries the official abbreviation CPI-W to distinguish it from its more famous sister index CPI-U, which is the standard Consumer Price Index for All Urban Workers, (commonly abbreviated simply as CPI). Like the standard CPI, the CPI-W is compiled and published monthly by the Bureau of Labor Statistics (BLS), using price data obtained from an elaborate survey of 25,000 retail outlets and quantity data generated by the Consumer Expenditures Survey.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a flea market looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for the last item on a shelf.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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