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LIABILITY: Something that you owe. The biggest liabilities for most consumers are loans, including mortgages, car loans, credit-card balances, and installment accounts at stores.

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MARGINAL FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between marginal factor cost incurred by a monopsony for hiring an input and the quantity of input employed. A profit-maximizing monopsony hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a monopsony with market control is positively sloped and lies above the average factor cost curve.

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APLS

BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Never let the fear of striking out get in your way. "

-- Babe Ruth

QJE
Quarterly Journal of Economics
A PEDestrian's Guide
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