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TOTAL COST AND MARGINAL COST: A mathematical connection between marginal cost and total cost stating that marginal cost IS the slope of the total cost curve. If the total cost curve has a positive slope (that is, is upward sloping), then marginal cost is positive. Moreover, if the total cost curve has a positive and increasingly steeper slope, then the marginal cost is positive and rising. If the total cost curve has a positive and decreasingly steeper slope, then the marginal cost is positive but falling.

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FLEXIBLE PRICES

The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to the original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for crowded shopping malls.
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In the early 1900s around 300 automobile companies operated in the United States.
"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to. "

-- George Allen, U.S. senator

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