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HOTELLING'S PARADOX: A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they maintain differences. Similarities enable substitutability. That is, one firm can attract the buyers away from other firms. Differences enable uniqueness and market control. That is, a firm has a small monopoly for its product that allows it to charge a higher price than achieved with perfect competition. This is also termed the principle of minimum differences.
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AVERAGE TOTAL COST CURVE A curve that graphically represents the relation between average total cost incurred by a firm in the short-run product of a good or service and the quantity produced. The average total cost curve is constructed to capture the relation between average total cost and the level of output, holding other variables, like technology and resource prices, constant. The average total cost curve is one of three average curves. The other two are average variable cost curve and average fixed cost curve. A related curve is the marginal cost curve.
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Trading Some Ideas On EXCHANGE RATESOne potential problem with any far and wide ambling tour of the economy is ambling too far or too wide. Such is the case as we find ourselves in the quaint and courteous Republic of Northwest Queoldiola. While we're here, let's take the opportunity to explore the quaint and courteous economy of the Northwest Queoldiola. Our impromptu economic expedition is faced with an immediate roadblock. I have a pocket filled with good old U. S. dollar bills, but the quaint and courteous people of Northwest Queoldiola don't trade their wares for good old U. S. dollar bills. They prefer the quaint and courteous Northwest Queoldiolan currency, the queold. All we need to do is trade my good old U. S. dollar bills for quaint and courteous queolds.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for high interest rates.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment." -- Grenville Kleiser, Author
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MSE
Mean Square Error
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