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LAW OF DIMINISHING MARGINAL UTILITY: The principle stating that as more of a good is consumed, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps explain the negative slope of the demand curve and the law of demand.

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PERFECT COMPETITION, PROFIT MAXIMIZATION

A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for deranged pelicans.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"To succeed you need to find something to hold on to, something to motivate you, something to inspire you."

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