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NI: The abbreviation for national income, which is the total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year. This is the government's official measure of how much income is generated by the economy. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported quarterly (every three months) in the National Income and Product Accounts by the Bureau of Economic Analysis.

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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost Page: 10 of 22

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

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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FACTOR DEMAND

The willingness and ability of productive activities (usually, business firms) to hire or employ factors of production. Factor demand relates factor price and factor quantity, specifically, it is the range of factor quantities that are demanded at a range of factor prices. This is one half of the factor market. The other half is factor supply. The factors of production subject to factor demand include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis.

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APLS

BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time wandering around the downtown area hoping 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 empty parking spaces that appear to be near the entrance to a store.
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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.
"The marvelous thing about human beings is that we are perpetually reaching for the stars. The more we have, the more we want. And for this reason, we never have it all. "

-- Joyce Brothers, psychologist

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Maximum Likelihood Estimator
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