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MARGINAL REVENUE: The change in total revenue resulting from a change in the quantity of output sold. For a perfectly competitive firm, marginal revenue is equal to price.

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RECESSIONARY GAP, KEYNESIAN MODEL

The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"The greatest use of life is to spend it for something that will outlast it."

-- William James, psychologist

FHLBB
Federal Home Loan Bank Board
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