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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.

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VERTICAL MERGER

The consolidation of two or more separately-owned businesses, that have an input-output relation, into a single firm. This is one of three types of mergers. The other two are horizontal merger--two competing firms in the same industry that sell the same products--and conglomerate merger--two firms in separate, unrelated industries.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"My future starts when I wake up every morning . . . Every day I find something creative to do with my life. "

-- Miles Davis, musician

RJE
RAND Journal of Economics
A PEDestrian's Guide
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