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March 5, 2024 

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SAVING LINE: A graphical depiction of the relation between household saving and household disposable income. The slope of this line is positive, greater than zero, less than one, and goes by the name marginal propensity to save. The vertical intercept of the saving line is autonomous saving. The saving and investment, or leakage and injection, analysis used in Keynesian economics begins with the saving line. Because consumption is the difference between disposable income and saving, the consumption line is a complementary relation to the saving line.

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NOMINAL WAGE: The market wage paid to labor stated in current prices. This is the actual wage received by labor for performing productive work. The contrast is with real wage, which is nominal wage adjusted for inflation. Nominal wage is comparable to other nominals, including nominal gross domestic product.

     See also | wage | real wage | market | inflation | nominal | real |


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MARGINAL REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for telephone calls from former employers.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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