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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 9: Consumer Demand | Unit 4: The Curves Page: 16 of 22

Topic: Total Utility <=PAGE BACK | PAGE NEXT=>

  • A graph of total utility is achieved much like many other graphs in economics, by plotting a set of numbers.

  • Let's set the stage.

    • The axes at the right present the plotting area.
    • The horizontal axis measures quantity, the number of hours spent at the beach. This ranges from 0 to 8.
    • The vertical axis measures total utility, in utils, ranging from 0 to 40.

  • The points plotted come from an infinite number of points that capture the relation between total utility and time at the beach.

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BREAKEVEN OUTPUT

The quantity of output in which the total revenue is equal to total cost such that a firm earns exactly a normal profit, but no economic profit. Breakeven output can be identified by the intersection of the total revenue and total cost curves, or by the intersection of the average total cost and average revenue curves. The most straightforward way of noting breakeven output, however, is with the profit curve. For a perfectly competitive firm breakeven output occurs where price is equal to average total cost.

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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for telephone calls from former employers.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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