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DIVISIBILITY: One of four characteristics that enables an asset to better function as money. The other three are durability, transportablity, and non-counterfeitability. This characteristic means that the item used as money can be easily divided into small increments so that it can match commodity values more precisely.

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Lesson 19: Monopolistic Competition | Unit 4: Analysis Page: 18 of 22

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • Why a monopolistic competition firm is faced with the same three short-run production alternatives as other firms based on a comparison between price, average total cost, and average variable cost
  • That market control means a monopolistic competition firm does not have a short-run supply curve like that of perfect competition.
  • How market control makes a monopolistic competition firm inefficient, but that the inefficiency is relatively minor.
  • That a monopolistic competition firm has excessive capacity in the long run because of it's market control.
  • Why advertising is used by monopolistic competition to promote product differentiation and to increase market control
  • How advertising is used the shift the demand curve facing and firm and to reduce demand elasticity.


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KEYNESIAN ECONOMICS

A theory of macroeconomics developed by John Maynard Keynes based on the proposition that aggregate demand is the primary source of business-cycle instability and the most important cause of recessions. Keynesian economics points to discretionary government policies, especially fiscal policy, as the primary means of stabilizing business cycles and tends to be favored by those on the liberal end of the political spectrum. The basic principles of Keynesian economics were developed by Keynes in his book, The General Theory of Employment, Interest and Money, published in 1936. This work launched the modern study of macroeconomics and served as a guide for both macroeconomic theory and macroeconomic policies for four decades. Although it fell out of favor in the 1980s, Keynesian principles remain important to modern macroeconomic theories, especially aggregate market (AS-AD) analysis.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?

Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don't put off being happy until some future date. "

-- Dale Carnegie

COLA
Cost of Living Adjustment
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