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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.

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TOTAL FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between total factor cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for poorly written technical manuals.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"When the solution is simple, God is answering."

-- Albert Einstein

OLS
Ordinary Least Squares
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