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COMPETITIVE MARKET: A market with a large number of buyers and a large number of sellers, such that no single buyer or seller is able to influence the price or any other aspect of the market -- no one has any market control. A competitive market achieves efficiency in the use of our scarce resources if there are no market failures present.
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EFFICIENT INFORMATION SEARCH A comparison between the cost of acquiring information and the benefit generated by the information such that it is not possible to increase welfare or well being by acquiring any more of any less information. Efficient information search is achieved by equating the marginal cost of search with the benefit of search. This efficiency is comparable to the profit-maximizing decision by a producer and the utility-maximizing decision by a consumer.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Chance favors only the prepared mind." -- Louis Pasteur, biologist
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CLI
Cost of Living Index
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