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RAW MATERIALS: The stuff used in the production of tangible products that become the tangible products. Raw materials, also shorted to just materials, are part of the land category of scarce resources. Space is also part of the land resource category. Another term that works as a synonym for materials is natural resources. Perhaps it's obvious that without materials, there would be no tangible products.
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AVERAGE REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between average revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopolistically competitive firm's output.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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BJE
Bell Journal of Economics
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