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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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AVERAGE REVENUE, MONOPOLY The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopoly average revenue is greater than marginal revenue. Average revenue for a monopoly is often depicted by a negatively-sloped average revenue curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for defective microphones.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Leadership is based on inspiration, not domination; on cooperation, not intimidation. " -- William A. Ward
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GARP
Generalized Axioms of Revealed Preference
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