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PRICE ELASTICITY OF DEMAND: The relative response of a change in quantity demanded to a relative change in price. More specifically the price elasticity of demand can be defined as the percentage change in quantity demanded due to a percentage change in demand price. The price elasticity of demand should be compared with the price elasticity of supply.
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PERFECT COMPETITION, FACTOR MARKET ANALYSIS The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for slow moving vehicles with darkened windows.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Don't be afraid if things seem difficult in the beginning. That's only the initial impression. The important thing is not to retreat; you have to master yourself." -- Olga Korbut, Gymnast
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LIFO
Last In First Out
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