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THIRD-WORLD COUNTRY: A country with a relatively low standard of living and which lacks the economic development of more advanced industrialized nations like the United States. Most third-world countries are in Africa, Asia, and South America and often rise to newsworthy prominence when they have a famine, are overthrown by a military dictator, or are invaded by a more developed country. They tend to have high rates of population growth and limited success in doing what's necessary to achieve economic growth.

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MARGINAL REVENUE CURVE

A curve that graphically represents the relation between the marginal revenue received by a firm for selling its output and the quantity of output sold. A firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve. The marginal revenue curve for a firm with no market control is horizontal. The marginal revenue curve for a firm with market control is negatively sloped and lies below the average revenue curve.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at an auction wanting to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, Greek philosopher

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