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INDIRECT: The mathematical notion that two variables change in the opposite directions, that is, an increase in X goes with a decrease in Y, or a decrease in X goes with an increase in Y. The alternative to an indirect relation is a direct relation, in which an increase in one variable goes with an increase in the other. Indirect relations are graphically illustrated by negatively-sloped curves, a common example being the demand curve.

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MONOPOLISTIC COMPETITION, DEMAND

The demand curve for the output produced by a monopolistically competitive firm is relatively elastic. The firm can sell a wide range of output within a relatively narrow range of prices. As a price maker, the firm has some ability (not much, but some) to control price. The demand curve is negatively sloped, but relatively elastic, because each firm produces a slightly differentiated product, but faces competition from a large number of very, very close substitutes.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for cardboard boxes.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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