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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.
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FEDERAL RESERVE BANKS A network of 37 government banking institutions that are part of the U.S. Federal Reserve System and are responsible for supervising, regulating, and interacting with commercial banks and carrying out the policies established by the Federal Reserve Board of Governors. Federal Reserve Banks are often termed bankers' banks in that they provide banking services to commercial banks. The 37 separate banks--12 District Banks and 25 Branch Banks--spread across the country are what help make the Federal Reserve System a decentralized central bank.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"One person with a belief is equal to a force of ninety-nine with only interests." -- John Stuart Mill
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NAV
Net Asset Value
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