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JOINT PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed by-products or complements-in-production, a noted example is the production of two goods--beef and leather--from one resource--cattle. Another joint product example is lumber and sawdust--both produced from a single tree.

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PERFECT COMPETITION, SHUTDOWN

A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).

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Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for mail order catalogs with hidden messages.
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The average length of a "business lunch" is about 36 minutes.
"Leadership is based on inspiration, not domination; on cooperation, not intimidation. "

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