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DISCOUNT: In financial terms, a bond or similar financial asset that sells below its face value. Discounting is done to equalized the interest rate attached to a bond with comparable interest rates in the economy. For example, a $100,000 bond that pays a fixed 10 percent interest on the face value (that is, $10,000 annually) would be discounted to $83,333 if comparable interest rates were above 12 percent. As such, the $10,000 annual interest payment works out to be 12 percent of a $83,333 price.

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AVERAGE REVENUE CURVE, MONOPOLISTIC COMPETITION

A curve that graphically represents the relation between average revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopolistically competitive firm's output.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for deranged pelicans.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"If you wouldn't write it and sign it, don't say it."

-- Earl Wilson, Columnist

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