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HARD CURRENCY: Historically money that is in the form of precious metals, especially gold. In modern times, any national currency that is expected to retain its value (and even appreciate in value), and is readily acceptable for most international transactions. The U.S. dollar, German marc, and Swiss franc tend to be near the top of the list of hard currencies (also termed hard money).
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Lesson 23: Factor Market Equilibrium | Unit 4: Monopsony
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Page: 18 of 24
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- The primary condition for profit-maximization AND efficiency derived from the analysis of the firm's labor employment is:
- MRP = MFC > W
- As such, marginal revenue product (MRP) is also greater than the factor price (W).
- This means the market is NOT efficient.
- Consider the profit-maximizing employment of labor services illustrated in this diagram.
- Clearly wage paid in monopsony is lower and the quantity of factor services employed is less.
- The conclusion is that monopsony, like it's selling counterpart monopoly, is NOT efficient.
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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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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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TDR
Treasury Deposit Receipt
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