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LONG-RUN ADJUSTMENT: The combined adjustment of an industry and of each firm in the industry to an equilibrium condition that based on (1) profit maximization when all inputs are variable and (2) the entry and exit of firms. The complete adjustment is undertaken by both perfect competition and monopolistic competition. There are two parts of this adjustment process. One is the adjustment of each firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminated economic profits or economic losses. The end result of this long-run adjustment is different for the two market structures based on the fact that perfect competition has equality between price and marginal revenue, while monopolistic competition does not.
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AmosWEB LLC ("AmosWEB") World Wide Web Privacy Policy StatementAmosWEB LLC ("AmosWEB") World Wide Web Privacy Policy Statement AmosWEB acknowledges the importance of protecting the privacy of Personal Information collected about its users or subscribers. "Personal Information" includes, but is not limited to, usage data, along with the name, address, telephone number, e-mail address, and payment information of AmosWEB users or subscribers. Therefore, AmosWEB does not sell or otherwise disclose any individually identifiable Personal Information about any user or subscriber without an express and informed consent of such user or subscriber. However, AmosWEB reserves the right to analyze and utilize user or subscriber data in order to more effectively optimize the user experience. AmosWEB has adopted this Privacy Policy to inform AmosWEB users or subscribers how it does collect, store, and use Personal Information. The Information We CollectTo help us achieve our goal of providing the highest quality services, we collect and apply information from our interactions with visitors, subscribers and users to the AmosWEB site. Because we respect your privacy, we have procedures to ensure that your Personal Information is handled in a safe, secure, and responsible manner. The information we receive and collect depends on what a visitor, subscriber or user does when visiting one of the AmosWEB sites.
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ECONOMIC THINKING A way of looking at and analyzing the way the world works by comparing the cost of an action with the benefit generated. The study of economics is the process of economic thinking about issues related to the scarcity problem.
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Fact 3: Our Unfair LivesAcross the interstate from the Mega-Mart Discount Warehouse Super Center resides the Shady Valley Central Town Sprawling Hills Shopping Mall -- a prime example of our economy's climate-controlled, suburban shopping phenomenon. Our pedestrian's ramble through the economy would be totally inadequate if we did not spend at least one day strolling past the endless rows of stores with their displays of clothes, shoes, electronics, clothes, luggage, clothes, cheese pretzels, and of course clothes. Our pedestrian trip, however, is not concerned with the products exhibited beyond the stylish glass windows. No, our jumping off point is the gadzillions of people who pass us by, bump into us, get in our way, and generally make our shopping experience comparable to a commuter train during the rush hour. Those who comprise the shopping crowd are short, tall, young, old, fat, thin, black, white, happy, and sad. More importantly for our present discussion, however, is that some are rich and some are not-so-rich. A few of the wealthier shoppers actually buy the products framed by the picturesque windows that line the air-conditioned quaint mid-way of Shady Valley Central Town Sprawling Hills Shopping Mall. Others must be content to ogle the prominently displayed products or perhaps buy an occasional cheese pretzel.
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BEIGE MUNDORTLE [What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for deranged pelicans. Your Complete Scope
This isn't me! What am I?
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"The only thing that will stop you from fulfilling your dreams is you. " -- Tom Bradley, former Los Angeles mayor
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NIFO Next In First Out
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