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MARGINAL PROPENSITY TO IMPORT: The proportion of each additional dollar of household income that is used for imports. Or alternatively, this is the change in imports due to a change in disposable income. Abbreviated MPI, the marginal propensity to import plays a minor role in modifying the aggregate expenditure line and the multiplier effect.

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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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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"The greatest use of life is to spend it for something that will outlast it."

-- William James, psychologist

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