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HOMOGENEOUS GOOD: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a good can not be identified from the good itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.

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STABLE EQUILIBRIUM

Equilibrium that is restored if disrupted by an external force. Most economic models have equilibrium that is stable, reflecting the observation that the real world adapts to changes and maintains a fair degree of stability. The alternative to a stable equilibrium is an unstable equilibrium.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for cardboard boxes.
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This isn't me! What am I?

Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"The only place success comes before work is in the dictionary. "

-- Vince Lombardi

ACCR
Annual Cost of Capital Recovery
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