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ZERO BOND: Also termed a zero coupon bond, a bond that does not pay interest, in which the return is generated by the difference between the purchase price and the face value paid at maturity. Because they do not pay interest, zero bonds are sold at a discount. For example, a $10,000 zero bond that matures in one year, would generate a 10% return if it sold at a discount of $9,000.

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Lesson 19: Monopolistic Competition | Unit 3: Output Page: 14 of 22

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In this unit, you should have learned about:
  • That a monopolistic competition firm is motivated to produce output that maximizes profit, just like any other firm.
  • How a monopolistic competition firm maximizes profit by producing output generating the greatest difference between total revenue and total cost.
  • How a monopolistic competition firm maximizes profit by producing output generating the greatest economic profit.
  • How a monopolistic competition firm maximizes profit by producing output generating equality between marginal revenue and marginal cost.
  • How monopolistic competition achieves long-run equilibrium in the range of economies of scales less than the minimum efficient scale.


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SLOPE, AGGREGATE EXPENDITURES LINE

The positive slope of the aggregate expenditures line is the sum of the marginal propensity to consume (MPC), marginal propensity to invest (MPI), and marginal propensity for government purchases (MPG), less the marginal propensity to import (MPM). This slope is greater than zero but less than one, reflecting induced expenditures by the four macroeconomic sectors (household, business, government, and foreign). The slope of the aggregate expenditures line determines the magnitude of the multiplier process.

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APLS

BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a set of hubcaps or handcrafted decorations to hang on your walls. Be on the lookout for small children selling products door-to-door.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"Time is the scarcest resource, and unless it is managed nothing else can be managed."

-- Peter F. Drucker

MPC
Marginal Propensity to Consume
A PEDestrian's Guide
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