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FLOATING EXCHANGE RATE: An exchange rate determined through the unrestricted interaction of supply and demand in the foreign exchange market. A floating exchange rate means that a nation's government is NOT trying to manipulate currency prices to achieve some change in the exports or imports.

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Lesson 16: Perfect Competition | Unit 3: Doing Graphs Page: 17 of 28

Topic: Short-Run Supply <=PAGE BACK | PAGE NEXT=>

  • The short-run supply curve:

  • A perfectly competitive firm's short run supply curve is that segment of it's marginal cost curve that above lies above the average variable cost curve.
  • Three key points:

    1. A profit-maximizing firm produces the quantity of output that equates marginal revenue and marginal cost (MR = MC).
    2. A perfectly competitive firm is characterized by the equality between price and marginal revenue (P = MR).
    3. The law of diminishing marginal returns means that the marginal cost curve has a positive slope.

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PHYSICAL FLOW

In the circular flow model, the transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The physical flow is usually illustrated as a counter-clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The payment flow moves in the opposite direction.

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a set of hubcaps or handcrafted decorations to hang on your walls. Be on the lookout for gnomes hiding in cypress trees.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"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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