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PERFECT COMPETITION, PROFIT MAXIMIZATION: A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.
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ECONOMIST A person who specializes in economics, especially through the study of economic theories and the accumulated body of economic knowledge. Economists spend their working lives at universities, colleges, government agencies, banks, insurance companies, and multinational corporations. They study economic events, analyze government policies, undertake scientific investigations, and of course pass along economic information to eager students and others seeking enlightenment.
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BROWN PRAGMATOX [What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for strangers with large satchels of used undergarments. Your Complete Scope
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Believe and act as if it were impossible to fail." -- Charles F. Kettering
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GEB Games and Economic Behavior
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