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EUROPEAN CURRENCY UNIT: The forerunner of the euro that will be officially introduced in the European Union in 2002. Commonly referred to as the ECU, the European Currency Unit is the weighted average of the currencies of the twelve original nations of the European Union. In that there are is no paper currency yet, it is currently used primarily for big-time commercial, financial, and international transactions.

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COLLUSION, EFFICIENCY

Colluding oligopolistic firms generally produce less output and charge a higher price than would be the case for a perfectly competitive industry. The efficiency of colluding oligopolistic firms is essentially the same as that for monopoly. In essence, colluding oligopolistic firms function just as if the market is a monopoly. The price charged by the colluding firms is higher than the marginal cost of production and the quantity is less. Most notably, price is greater than marginal, a violation of the key condition for efficiency.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time at an auction hoping to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"Don't judge each day by the harvest you reap, but by the seeds you plant."

-- Robert Louis Stevenson, Author

G-7
Group of Seven
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