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COIN: A shiny metal disc, almost always authorized by a national government entity, with a raised impression of famous dead people on one side and a building or birds on the other that is used as money. U.S. coins are issued by the U.S. Treasury Department and come in denominations of pennies, nickels, dimes, quarters, half-dollars, and dollars. At one time, metal coins were comprised of valuable metal (that is, commodity money) in an amount equivalent to their face value. A dime had 10-cents worth of silver. A nickel had 5-cents worth of nickel. A penney had 1-cents worth of copper. Most modern coins, however, are fiat money, containing less valuable metal alloys. But they work just fine in vending machines.
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PERFECT COMPETITION, DEMAND The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also average revenue and, most important, marginal revenue.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for slow moving vehicles with darkened windows.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"It is part of the American character to consider nothing as desperate. " -- President Thomas Jefferson
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M1
currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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