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NOMINAL PRODUCTION: The market value of all production measured in current, actual prices. Nominal production is typically measured with nominal GDP.

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SHUTDOWN RULE

A rule stating that a firm minimizes economic loss by producing no output in the short run if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is less than average total cost but greater than average variable cost).

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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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!
"After climbing a great hill, one finds many more hills to climb. "

-- Nelson Mandela, president of South Africa

NNP
Net National Product
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