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LONG-RUN TOTAL COST: The opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) 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. Unlike short-run total cost, long-run total cost can not be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for slow moving vehicles with darkened windows.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"God grants victory to perseverance. " -- Simon Bolivar, South American liberator
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SEAQ
Stock Exchange Automated Quotation System (UK)
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