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LOAN LOSS RESERVES: A special account set aside by banks acting as a buffer between deposits and net worth that's used in case a loan is not repaid. Without this reserve, an unpaid loan on the asset side of a bank's balance sheet would require an adjustment of deposits or net worth on the liability side. The loan loss reserve is used for this adjustment.

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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost Page: 8 of 22

Topic: The Cost Numbers <=PAGE BACK | PAGE NEXT=>

  • Any monopolistic competition firm's production decision must consider both the revenue received from production and the cost of the production.

  • A few points about these cost numbers:

    1. Most important is the law of diminishing marginal returns, which affects the short-run production of any firm, regardless of market structure.

    2. For the firm's operation, producing five or more units per hour entails decreasing marginal returns.


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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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Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for the last item on a shelf.
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