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INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This 'law' is most important to the slope of the production possibilities curve. It generates the convex shape of the curve, making the curve flat at the top and steep at the bottom.

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EFFICIENT INFORMATION SEARCH

A comparison between the cost of acquiring information and the benefit generated by the information such that it is not possible to increase welfare or well being by acquiring any more of any less information. Efficient information search is achieved by equating the marginal cost of search with the benefit of search. This efficiency is comparable to the profit-maximizing decision by a producer and the utility-maximizing decision by a consumer.

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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for rusty deck screws.
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In the early 1900s around 300 automobile companies operated in the United States.
"Success is where preparation and opportunity meet."

-- Bobby Unser, Race car driver

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