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GOOD TYPES: We can identify four different types of goods based on two key characteristics -- rival consumption and excludability. Private that are rival in consumption and easily subject to the exclusion of nonpayers. Public goods that are nonrival in consumption and the exclusion of nonpayers is virtually impossible. Near-public goods that are nonrival in consumption and easily subject to the exclusion. Common-property goods that are rival in consumption and not easily subject to the exclusion.
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MARGINAL REVENUE, MONOPOLY The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopoly receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopoly equates marginal revenue and marginal cost.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for gnomes hiding in cypress trees.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Stand up to your obstacles and do something about them. You will find that they haven't half the strength you think they have." -- Norman Vincent Peale
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Autoregressive Conditional Heteroskedasticity
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