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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.

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AVERAGE FACTOR COST, MONOPSONY

Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

-- William Ward ‚ Texas Wesleyan University Administrator

AV
Actual Value
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