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LAW OF DIMINISHING MARGINAL UTILITY: The principle stating that as more of a good is consumed, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps explain the negative slope of the demand curve and the law of demand.

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MONOPOLISTIC COMPETITION, ADVERTISING

Advertising is commonly used by firms operating under monopolistic competition as a way to create product differentiation and thus to acquire some degree of market control and thus charge a higher price.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for letters from the Internal Revenue Service.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"A leader is most successful when people barely know he exists. When his work is done, his aim fulfilled, his troops will feel they did it themselves. "

-- Lao-Tzu, philosopher

NPV
Net Present Value
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