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KEYNESIAN RANGE: The horizontal segment of the Keynesian aggregate supply curve that reflects rigid prices and wages. Shifts of the aggregate demand curve in this range lead to changes in the aggregate output, but not changes in price level. Such results are consistent with Keynesian economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the classical range and the intermediate range.

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Lesson 16: Perfect Competition | Unit 3: Doing Graphs Page: 15 of 28

Topic: Dividing Revenue <=PAGE BACK | PAGE NEXT=>

  • A diagram can help us identify the firm's division of revenue.

    • Total Revenue: First, the MR curve is also average revenue and the product price, $4 per unit. This total revenue can be graphically highlighted as the rectangle bounded by the vertical and horizontal axes on the left and bottom, the MR curve on the top, and the vertical line connecting the MR-MC intersection point with the quantity axis on the right.

    • Total Cost: Total cost can be graphically highlighted as the rectangle bounded by the vertical and horizontal axes on the left and bottom, the horizontal line indicating $3.00 average total cost on the top, and the vertical line connecting the MR-MC intersection point with the quantity axis on the right.

    • Profit: The difference between the total revenue area and the total cost area is economic profit. This is the smaller rectangle near the top of the total revenue are.


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SEIGNIORAGE

The difference between the face value, or value in exchange, of money and the cost of producing the money. This seigniorage is effectively the profit government generates from producing currency--printing paper bills or minting metal coins. That is, government effectively "makes money" by making money.

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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for celebrities who speak directly to you through your television.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

-- Andrew Carnegie, entrepreneur

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