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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 14: Production | Unit 1: Short-Run Production Page: 4 of 25

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  • A couple of other time periods can also come into play for assorted firms:

  • Market Period:

    • The market period is a time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed.

  • Very Long Run:

    • The very long run is a time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change.

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LEADING ECONOMIC INDICATORS

Ten economic statistics that tend to move up or down a few months BEFORE business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months before they occur. Leading economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and lagging economic indicators.

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APLS

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Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for door-to-door salesmen.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

NAA
National Association of Accountants
A PEDestrian's Guide
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