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September 23, 2018 

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AMERICAN ASSOCIATION OF UNIVERSITY PROFESSORS: An association of university and college faculty established in 1915 to protect academic freedom. Commonly abbreviated AAUP, this association is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

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MONOPOLY AND DEMAND: The demand for the output produced by a monopoly is THE market demand for the good. This should be compared with the demand facing a perfectly competitive firm. The demand curve for the output produced by a perfectly competitive firm is perfectly elastic, it is horizontal at the going market price. This is what makes a perfectly competitive firm a price taker. It must "take" whatever price is set in the overall market. Facing a downward-sloping demand curve, however, makes a monopoly a price maker. It has a great deal of control over the market and the market price. IT IS THE MARKET!

     See also | monopoly | demand | demand curve | law of demand | perfect competition | price maker | price taker | market control |


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LAW OF DIMINISHING MARGINAL RETURNS

A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In the early 1900s around 300 automobile companies operated in the United States.
"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. "

-- George Allen, U.S. senator

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Commodities and Futures Trading Commission (US)
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