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PERFECT COMPETITION, MARGINAL ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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INSTITUTION An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.
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BLUE PLACIDOLA [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 arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for the happiest person in the room. Your Complete Scope
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Even a mistake may turn out to be the one thing necessary to a worthwhile achievement." -- Henry Ford
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CEEC Council for European Economic Cooperation
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