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MARKET-BASED ECONOMY: A mixed economy that relies heavily on markets to answer the three basic questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, market-oriented economy is much more descriptive of how the economy is structure.
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MARGINAL REVENUE, PERFECT COMPETITION The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a perfectly competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a perfectly competitive firm equates marginal revenue and marginal cost.
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PINK FADFLY [What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for letters from the Internal Revenue Service. Your Complete Scope
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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MBA Master of Business Administration
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