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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).
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OLIGOPOLY, CHARACTERISTICS The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for slow moving vehicles with darkened windows.
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John Maynard Keynes was born the same year Karl Marx died.
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"Few things help an individual more than to place responsibility upon them and to let them know that you trust them." -- Booker T. Washington
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NAIRU
Non-Accelerating Inflation Rate of Unemployment
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