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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).

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INVOLUNTARY EXCHANGE

The process of unwillingly trading one valuable commodity (good, service, or resource) for another, usually prompted by the coercive powers of government. The key term is "unwillingly," which distinguishes involuntary exchanges from voluntary exchanges, such as those that are the foundation of market transactions.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials looking to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for infected paper cuts.
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This isn't me! What am I?

In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"No great performance ever came from holding back. "

-- Don Greene, motivational coach, former Green Beret

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Autoregressive Conditional Heteroskedasticity
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