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JOINT PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed by-products or complements-in-production, a noted example is the production of two goods--beef and leather--from one resource--cattle. Another joint product example is lumber and sawdust--both produced from a single tree.

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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION

A curve that graphically represents the relation between the marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because a monopolistically competitive firm is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopolistically competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.

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Today, you are likely to spend a great deal of time at an auction looking to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for crowded shopping malls.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"Before you can inspire with emotion, you must be swamped with it yourself. Before you can move their tears, your own must flow. To convince them, you must yourself believe."

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