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SAVING LINE: A graphical depiction of the relation between household saving and household disposable income. The slope of this line is positive, greater than zero, less than one, and goes by the name marginal propensity to save. The vertical intercept of the saving line is autonomous saving. The saving and investment, or leakage and injection, analysis used in Keynesian economics begins with the saving line. Because consumption is the difference between disposable income and saving, the consumption line is a complementary relation to the saving line.
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Lesson 19: Monopolistic Competition | Unit 4: Analysis
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Page: 15 of 22
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Topic:
Profit, Loss, And Supply
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- Similarities between monopolistic competition and other market structures.
- Profit and Loss: Like any firm in any market structure, the monopolistic competitive firm is not guaranteed an economic profit in the short run.
- Short-run Supply: The short-run supply curve for a firm in perfect competition is that portion of the marginal cost curve above the average variable cost curve. In contrast, there is no comparable short-run supply curve for monopoly.
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MARGINAL REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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L/O
Letter of Offer
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