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MARGINAL UTILITY CURVE: A curve illustrating the relationship between the marginal utility obtained from consuming a good and the quantity of the good consumed. The marginal utility curve can be used to derived the demand curve, which is discussed in detail in the entry on marginal utility and demand. If you've nothing better to do for the moment, let's derive a marginal utility curve.

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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.

     See also | market | competition | price | quantity | equilibrium | efficiency | market control | regulation | demand price | supply price | satisfaction | opportunity cost | Pareto efficiency |


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COMPETITIVE MARKET, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: October 28, 2020].


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Additional information on this term can be found at:

WEB*pedia: competitive market

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SEVENTH RULE OF COMPLEXITY

The seventh of seven basic rules of the economy, stating that every action in the complex world has direct and often intended consequences combined with indirect and probably unintended effects.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?

A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"The less secure a man is, the more likely he is to have extreme prejudices. "

-- Clint Eastwood, actor, director

MSE
Mean Square Error
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