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October 16, 2018 

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ACCUMULATION: The process of acquiring an item and adding that item to others previously acquired. In an economic context this most often refers to the accumulation of capital, as in the phrase "capital accumulation." However, it is also used in the context of consumer durable goods, financial assets, money, wealth, and a host of other "stock" variables. When applied to capital, the process of accumulation occurs through investment.

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MARGINAL REVENUE: The change in total revenue resulting from a change in the quantity of output sold. For a perfectly competitive firm, marginal revenue is equal to price.

     See also | total revenue | quantity | perfect competition | price | average revenue | perfectly elastic | marginal cost | marginal revenue, monopolistic competition | marginal revenue, monopoly | marginal revenue product |


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MARGINAL REVENUE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 16, 2018].


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MARKET CLEARING

A condition of the market in which the quantity demanded is equal to the quantity supplied, such that the market is "clear" of any shortage or surplus. Market clearing is a common, non-technical term for equilibrium. In a market graph, the market clearing is found at the intersection of the demand curve and the supply curve.

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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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