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July 20, 2018 

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N: The standard abbreviation for the quantity of land resources, especially for the analysis of production. The letter "N" is used even though land begins with an "L" because "L" is used to represent labor. The complementary representations for other inputs are "L" for labor and "K" for capital.

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MERIT GOOD: A good that society, usually government, deems is undervalued by consumers in normal market exchanges. As such, governments typically promote the consumption of merit goods through policies such as price subsidies or direct government provision. Merit goods are often quasi-public goods or have externality by-products. Examples include education and health care. The counter type of good is a demerit good.

     See also | good | good types | externalities | near-public good | quasi-public good | by-product | government functions | demerit good | voluntary exchange |


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AVERAGE REVENUE, PERFECT COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"There is no point at which you can say, „Well, I'm successful now. I might as well take a nap.¾"

-- Carrie Fisher, actress, writer

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