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RECOGNITION LAG: In the context of economic policies, the time between a shock to the economy and realization that the shock has occurred. This is one of several policy lags that limit the effectiveness of stabilization policies designed to correct business-cycle fluctuations. This is also one of two inside lags. The other is an implementation lag. Also termed identification lag, the recognition lag emerges due to the time needed to measure economic activity. While the lag is generally positive, it actually can be negative through accurate forecasting techniques. When negative policies can be undertaken to correct a problem before it occurs.

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Lesson 16: Perfect Competition | Unit 2: Short-Run Output Page: 7 of 28

Topic: The Revenue Numbers <=PAGE BACK | PAGE NEXT=>

The revenue side of a typical perfectly competitive firm is presented in this table.
  • Quantity (Q): The quantity of output produced by the firm, presented in the first column, ranges from 0 to 10 units.

  • Price (P): The second column presents the price received by the firm. This is the market price.

  • Total Revenue (TR): The firm's total revenue is presented in the third column.

  • Average Revenue (AR): The fourth column presents average revenue, which is total revenue per unit of output, or total revenue divided by the quantity.

  • Marginal Revenue (MR): The fifth column presents marginal revenue, the change in total revenue divided by the change in quantity.


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MONEY CREATION

The process in which banks increase the amount of funds in checkable deposits (and thus the M1 money supply) by using reserves to make loans. Money creation is made possible through fractional-reserve banking. Because banks keep only a fraction of deposits as reserves, extra reserves can be used to back up and create additional checkable deposits (money) that did not previously exist. Government policy makers (the Federal Reserve System) rely on the money creation process when conducting monetary policy. Money creation by banks is a modern alternative to printing paper currency.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for crowded shopping malls.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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