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LONG-RUN PRODUCTION: An analysis of the production decision made by a firm in the long run. The central feature of this long-run analysis is returns to scale, which results in the long run even though all inputs are variable. Returns to scale are reflected in the long-run average cost curve as either economies to scale or diseconomies to scale.

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TAXATION PRINCIPLES

Taxes are the mandatory payments made by members of society to governments to finance government operations. The study of public finance identifies several key principles of taxation -- tax effects (revenue and allocation), tax proportionality (proportional, progressive, and regressive), tax payments (benefit and ability-to-pay), tax equity (horizontal and vertical).

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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