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BANK: A financial organization that accepts deposits, makes loans, and directly controls a significant portion of the nation's money supply. In the olden days of the economy (before 1980), a bank was easy to identify because it had the word "bank" in it's name -- such as "First National Bank", "Second National Bank", etc. However, after several laws were passed in the early 1980s to reform and deregulate the banking industry, the term bank has come to functionally include other financial institutions that previously went by the titles of "Savings and Loan," "Credit Union," and "Mutual Savings Banks." These institutions are operationally considered banks because they all perform "banking" functions -- especially accepting checking account deposits and making loans.
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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost
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Page: 10 of 22
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In this unit, you should have learned about:- The three measures of that capture the revenue-side of monopolistic competition -- total revenue, average revenue, and marginal revenue.
- How the limited market control in monopolistic competition is indicated by a negatively-sloped, but relatively elastic demand (or average revenue) curve.
- That the marginal revenue curve lies beneath the demand (or average revenue) curve, meaning price is greater than marginal revenue.
- The three measures of that capture the cost-side of monopolistic competition -- total cost, average total cost, and marginal cost.
- That the two U-shaped cost curves -- average total cost and marginal cost -- reflect the law of diminishing marginal returns.
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KEYNESIAN EQUILIBRIUM The state of macroeconomic equilibrium identified by the Keynesian model when the opposing forces of aggregate expenditures equal aggregate production achieve a balance with no inherent tendency for change. Once achieved, a Keynesian equilibrium persists unless or until it is disrupted by an outside force, especially changes in autonomous expenditures.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for slow moving vehicles with darkened windows.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Progress begins with the belief that what is necessary is possible. " -- Norman Cousins, editor, writer
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M&O
Management and Organization
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