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MACROECONOMIC PROBLEMS: Undesirable situations that exist in the macroeconomy, largely because one or more of the macroeconomic goals are not satisfactorily attained. The primary problems are unemployment, inflation, and stagnant growth. Macroeconomic theories are designed to explain why these problems emerge and to recommend corrective policies.

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PERFECT COMPETITION, CHARACTERISTICS

The four key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) perfect resource mobility or the freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

In the early 1900s around 300 automobile companies operated in the United States.
"No task is a long one but the task on which one dare not start: It becomes a nightmare. "

-- Charles Baudelaire, poet-critic

MCP
Marginal Cost Pricing
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