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ENDOGENOUS VARIABLE: A variable that is identified within the workings of the model. Also termed a dependent variable, an endogenous variable is in essence the "output" of the model. It should be compared with an exogenous variable this is the "input" of the model.

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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost 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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EXPENDITURES MULTIPLIER

A measure of the change in aggregate production caused by changes in an autonomous expenditure. The expenditures multiplier is the inverse of one minus the slope of the aggregate expenditures line. The simple expenditures multiplier includes ONLY induced consumption. More complex expenditures multipliers include other induced components. Two related multipliers are the tax multiplier, which measures the change in aggregate production caused by changes in taxes, and the balanced-budget multiplier which measures the change in aggregate production from equal changes in both taxes and government purchases.

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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for door-to-door salesmen.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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