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OPEN MARKET: A market, not unlike that stock market, that trades the U.S. Treasury securities that comprises the federal debt. U.S. Treasury securities are low risk and extremely secure financial instruments that are held by all sorts of investors, especially commercial banks. The Federal Reserve System is also a major holder of U.S. Treasury securities and participant in the open market. In fact, the Federal Reserve System used buying and selling of U.S. Treasury securities through the open market as a means of controlling the money, through what is appropriately termed open market operations.

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Lesson 21: Factor Demand | Unit 3: The Curve Page: 15 of 24

Topic: Factor Demand Curve <=PAGE BACK | PAGE NEXT=>

A few points about this curve.
  1. The factor demand curve is only the negatively-sloped portion of the marginal revenue product curve.

  2. The factor demand curve is negatively sloped because the marginal revenue product curve is negatively sloped, and this is due to the law of diminishing marginal returns.

  3. The factor demand curve stops at the horizontal axis where marginal revenue product is zero.

  4. This factor demand curve is based on the presumption that the firm was able to pay the same wage for each worker ($20 per hour).

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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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