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TANGENCY: A geometric condition that occurs when two curves touch at a single point with identical slopes at that point. This condition of tangency surfaces in several different areas of economic analysis, including indifference curve analysis (tangency between an indifference curve and budget line) and monopolistic competition (tangency between demand curve and long-run average cost curve). The tangency between two curves should be contrasted with the condition of intersection, in which two cross at a single point but do not have identical slopes.
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OLIGOPOLY, CHARACTERISTICS The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for celebrities who speak directly to you through your television.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"I can't change the direction of the wind, but I can adjust my sails to always reach my destination." -- Jimmy Dean
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LIML
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