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CAUSE AND EFFECT: The notion that every event in the universe is the direct result of a preceding event. The purpose of the scientific method is to identify these cause-and-effect relationships. This pursuit is based on a simple point of view: everything happens for a reason, something causes an event to happen. For every action there is a consequence. And for every consequence there is a cause.
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AVERAGE FACTOR COST, PERFECT COMPETITION Total factor cost per unit of factor input employed by a perfectly competitive firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"If you worried about falling off the bike, you'd never get on. " -- Lance Armstrong, bicycle racer
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AOQ
Average Outgoing Quality
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