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MARGINAL FACTOR COST CURVE, PERFECT COMPETITION: A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive firm 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 perfectly competitive firm with no market control is horizontal.

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ECONOMIC GROWTH, PRODUCTION POSSIBILITIES

Economic growth is the process of increasing the economy's ability to produce goods and services. It is achieved by increasing the quantity or quality of resources. This process can be illustrated as an outward shift of the production possibilities curve.

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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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