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ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES: An international organization of more than a dozen nations located primarily in the Middle East, Africa, and Central America that controls a sizeable portion of the world's petroleum reserves. Commonly abbreviation OPEC, this organizations control over oil reserves gives it significant market control, which it has been inclined to exert from time to time. The most noted time was the 1970s. OPEC raised oil prices from a scant $2 to $3 a barrel in the early 1970s to over $30 a barrel by the end of the decade. As an group of independent oil-producing nations seeking to monopolize the market, OPEC represents a textbook example of an cartel.
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AVERAGE REVENUE, PERFECT COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Leadership is the art of getting someone else to do something you want done because he wants to do it." -- Dwight Eisenhower, 34th US president
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Average Physical Product
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