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PAYROLL TAX: A tax levied on the wage earnings, or payroll, of workers. The most notable, if nothing else in terms of sheer dollar amount, is the Social Security tax.

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PERFECT COMPETITION, DEMAND

The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also average revenue and, most important, marginal revenue.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for defective microphones.
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This isn't me! What am I?

John Maynard Keynes was born the same year Karl Marx died.
"If you don't know where you are going, any road will get you there."

-- Lewis Carroll, writer

NAG
Net Annual Gain
A PEDestrian's Guide
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