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TOTAL REVENUE CURVE, MONOPOLISTIC COMPETITION: A curve that graphically represents the relation between total revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. It is used with the firm's total cost curve to determine economic profit. The marginal revenue curve, a key factor for determining the profit-maximizing level of a firm's output, is derived directly from the total revenue curve. The slope of this total revenue curve is marginal revenue. This curve is constructed to capture the relation between total revenue and the level of output, holding other variables constant.

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4-FIRM CONCENTRATION RATIO: The proportion of total output in an industry that's produced by the four largest firms in the industry. This is one of two common concentration ratios. The other is the eight-firm concentration ratio. The four-firm concentration ratio is commonly used to indicate the degree to which an industry is oligopolistic and how market control is held by the four largest firms in the industry.

     See also | concentration ratio | 8-firm concentration ratio | market share | market control | oligopoly | monopolistic competition |


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MONETARY BASE

The combination of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. Also termed high-powered money, these are the three monetary components over which the Federal Reserve System has relatively complete control. Due to this control, the monetary base is often used as a guide for monetary policy. The monetary base differs from a relative monetary aggregate, M1, through the inclusion of vault cash and Federal Reserve deposits and the exclusion of checkable deposits.

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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for gnomes hiding in cypress trees.
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