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UNEMPLOYMENT COMPENSATION: A system of government sponsored insurance, created by the Social Security Act (1935), that provides benefits to unemployed workers. Funding is obtained by taxes on employers. The system is mandated by the federal government, but operated by each state. As such, the amount and duration of the benefits differ from state to state.

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PERFECT COMPETITION, SHUTDOWN

A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time at a flea market seeking to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for high interest rates.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"We can't take any credit for our talents. It's how we use them that counts. "

-- Madeleine L'Engle, Writer

JEL
Journal of Economic Literature
A PEDestrian's Guide
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