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TOTAL REVENUE, MONOPOLISTIC COMPETITION: The revenue received by a monopolistically competitive firm for the sale of its output. Total revenue is one of two parts a monopoly needs to calculate economic profit, the other is total cost. In general, total revenue is the price received for selling a good times the quantity of the good sold at that price. Because a monopolistically competitive firm has some degree of market control and faces a negatively-sloped demand curve, it charges a different price for a different quantities. If a monopoly sells a relatively small quantity, it charges a relatively high price. If it sells a relatively smaller quantity, it charges a relatively lower price. However, once the monopolistically competitive firms determines its' price/quantity combination, total revenue calculation is relatively straightforward, multiple the price times the quantity.
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LABOR FORCE The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for letters from the Internal Revenue Service.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Every generation of Americans needs to know that freedom exists not in doing what we like, but in having the right to do what we ought. " -- Pope John Paul II
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MPS
Marginal Propensity to Save
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