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MARKET AREA: In general, a geographic area in which a firm can profitably sell an output or buy an input. The size of a market area is based on the transportation cost of the input or output relative to the price. A higher price or lower transportation cost will increase the market area.

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EMPIRICAL

Based on or relating to the collection or analysis of real world data. The term empirical is commonly used as a modifier to provide contrast with theoretical. Whereas theoretical refers to abstract representations, empirical indicates actual real world observations.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for defective microphones.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out."

-- President Ronald Reagan

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Journal of Finance
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