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If a monopolist's marginal revenue is $15 per unit and its marginal cost is $25, then to maximise profit the firm should decrease output.
Required Reserve Ratio
The fraction of deposits that banks are required to hold in reserve and not lend out.
Checkable Deposits
Bank account balances that can be easily withdrawn or used for payments through checks, debit cards, or electronic transfers.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision, representing the benefits one misses out on when choosing one option over others.
Transaction Costs
Expenses incurred when buying or selling goods or services, including fees, taxes, and other charges that make up the total cost of a transaction besides the price of the good or service itself.
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