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TOTAL COST: The opportunity cost incurred by all of the factors of production used by a firm to produce of a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Total cost is most important in the analysis a firm's short-run production decision and is frequently separated into total variable cost and total fixed. cost.
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FIFTH RULE OF IMPERFECTION The fifth of seven basic rules of the economy, stating that the real world is not perfect, especially in terms of achieving an efficient allocation of resources. This rule means that markets often fail to achieve due to market failures, and that governments seldom satisfactorily enact the policies needed to correct market failings. As such, the real world is often faced with the lesser of two evils--imperfect markets or imperfect government.
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The Odds On GAMBLINGI'm sure there's a great philosopher somewhere who once uttered the words, "Life's a contradiction and we're all a bunch of hypocrites." Take me for example. Just this morning I walked by Smilin' Ted's All-Comers Insurance Agency to drop off my annual shoe insurance premium (for protection against blowouts), then made a pit stop at Master Sprocket's convenience store where I plopped down five dollars on five (count 'em, five) Super Luck-O Multi-State Lottery tickets. Within a space of two blocks and twenty minutes I bought $37.56 worth of shoe insurance to avoid risk and then spent another $5 to take on some risk. Am I a walking contradiction, or what?
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"Being defeated is only a temporary condition; giving up is what makes it permanent." -- Marilyn vos Savant, Author
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QLR
Quasi-Likelihood Ratio
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