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May 11, 2025 

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INCREASING RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in a proportionately greater increase in production. Increasing returns to scale exists if a firm increases ALL resources -- labor, capital, and other inputs -- by 10%, and output increases by more than 10%. You might want to compare decreasing returns to scale and constant returns to scale.

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PUBLIC CHOICE: A branch of economics that applies economic analysis to public (that is, government) decision-making, including voting behavior, legislative law-making, and related issues. Some of the more noted public choice principles include the voting paradox, logrolling, and the principle of the median voter.

     See also | political business cycle | fifth rule of imperfection | government | economic analysis |


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AVERAGE REVENUE CURVE, MONOPOLY

A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Everyone is bound to bear patiently the results of his own example. "

-- Phaedrus, Philosopher

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