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RENT SEEKING: The inclination of everyone who is alive and breathing to get as much as they can for themselves. These stems from the idea of economic rent, which is a payment over above the opportunity cost. People are said to be rent seeking when they try to get higher wages, more profit, or any other payment over above the minimum they would be willing to accept.

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MARGINAL FACTOR COST, MONOPSONY

The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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GRAY SKITTERY
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Today, you are likely to spend a great deal of time at an auction seeking to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for crowded shopping malls.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"We may affirm absolutely that nothing great in the world has been accomplished without passion."

-- Hegel

JEMS
Journal of Economics and Management Strategy
A PEDestrian's Guide
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