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UNEMPLOYMENT REASONS: People can be unemployed for a variety of reasons. The Bureau of Labor Statistics (BLS) notes five prime reasons for being unemployed: (1) job losers, (2) job leavers, (3) those who have completed temporary jobs, (4) re-entrants, and (5) new entrants.
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Lesson 19: Monopolistic Competition | Unit 3: Output
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Page: 12 of 22
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- Let's now analyze the short-run production decision using the folowing four curves:
- Demand (Average Revenue) (D = AR)
- Marginal Revenue (MR)
- Average Total Cost (ATC)
- Marginal Cost (MC)
- Our task is to identify the firm's profit-maximizing production level.
- This level is achieved at the intersection of the marginal revenue (MR) and marginal cost (MC) curves.
- The priced that the firm charges and the price that buyers are willing to pay for this 6-unit production quantity is $4.95.
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FACTOR SUPPLY CURVE A graphical representation of the relation between the price to a factor of production and quantity of the factor supplied, holding all ceteris paribus factor supply determinants constant. The factor supply curve is one half of the factor market. The other half is the factor demand curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for the last item on a shelf.
Your Complete Scope
This isn't me! What am I?
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"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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IARA
Increasing Absolute Risk Aversion
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