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PLANNING HORIZON: Another term for the long-run average cost curve. The long-run average cost curve is termed the planning horizon because it provides information a firm can use to plan factory construction and expansion in the long run.
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ASYMMETRIC INFORMATION Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"When we do the best that we can, we never know what miracle is wrought in our life, or in the life of another." -- Helen Keller
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PIT
Personal Income Tax
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