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ECONOMIC GROWTH, SOURCES: Our economy achieves economic growth with increases in the quantity or quality of resources. The quantity part is relatively simple. If we get more resources, then we have the ability to produce more output. We can also improve resource quality, making existing resources more productive, primarily through education and technology.

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MARGINAL REVENUE, PERFECT COMPETITION

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a perfectly competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a perfectly competitive firm equates marginal revenue and marginal cost.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for infected paper cuts.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"Always remember that striving and struggle precede success, even in the dictionary. "

-- Sarah Ban Breathnach, writer

LRMC
Long Run Marginal Cost
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