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MARKET CLEARING: The price and quantity that equates the quantity demanded and quantity supplied; equates the demand price and supply price; and achieves market equilibrium. In other words, the market is "cleared" of shortages and surpluses.
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INDUSTRY A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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ACIR Advisory Council on Intergovernmental Relations
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