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MARGINAL REVENUE CURVE, MONOPOLY: A curve that graphically represents the relation between marginal revenue received by a monopoly for selling its output and the quantity of output sold. The marginal revenue curve reflects the market control held by a monopoly firm. For a monopoly firm with complete market control, the marginal revenue curve is negatively-sloped. Moreover, for a given quantity of output, marginal cost is less than price, and the marginal revenue curve lies below the demand curve.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 10 of 21

Topic: A Short Cut? <=PAGE BACK | PAGE NEXT=>

  • The equality between marginal utilities is a handy short cut for making choices.

  • If one good generates more marginal utility that the other, then total utility can be increased by consuming more of that good and less of the other.

  • A simple rule is to choose the quantities of two or more goods such that marginal utility of the last unit of each good consumed is the same for all goods.

  • MU of good 1 = MU of good 2

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ASSUMPTION

An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for crowded shopping malls.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"Never confuse a single defeat with a final defeat."

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