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U.S. TREASURY BILL: One kind of government security issued by the U. S. Treasury to obtain the funds used to finance the federal budget deficit. A Treasury bill (or T-bill) has a maturity length of one year or less, with 90 days a common maturity. T-bills, together with short-term commercial paper issued by businesses, are traded in money markets. The interest rate on T-bills is one of the key indicators of short-run economic activity.

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Lesson 19: Monopolistic Competition | Unit 3: Output Page: 12 of 22

Topic: The Curves <=PAGE BACK | PAGE NEXT=>

  • 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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CHANGE IN SUPPLY

A shift of the supply curve caused by a change in one of the supply determinants. A change in supply is caused by any factor affecting supply EXCEPT price. A related, but distinct, concept is a change in quantity supplied.

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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 wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for neighborhood pets, especially belligerent parrots.
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