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VERTICAL MERGER: The consolidation under a single ownership of two separately-owned businesses that have an input-output relationship, in which the output of one firm is the input of another. An example of a vertical merger would be a soft drink company merging with a sugar company to form a single firm. A vertical merger should be contrasted with horizontal merger--two competing firms in the same industry that sell the same products; and conglomerate merger--two firms in totally, completely separate industries.

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Lesson 2: Economic Science | Unit 3: Verification Page: 9 of 20

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An hypothesis is a possible, even probable, scientific relationship. An hypotheses is a candidate to become a principle. Hypothesis must be tested before becoming principles.
  • A possible hypothesis: The distance between a passing car and a jogger depends on the driver's political philosophy.
  • Alternative hypotheses can also explain differences in distance between jogger and passing car.
An hypothesis that seems reasonable is not necessarily right. It must be verified with real world data.
  • The scientific method does not accept an explanation at face value. It needs to prove an explanation is correct.
  • Scientists check to see if a reasonable explanation is consistent with the data. The scientific process is all about verifying hypotheses.
  • To test our hypothesis, ask people about passing distance and political affiliation.
  • While subjective data, based on asking people, can be useful, objective methods of data collection are usually preferred. Let's use lasers.
  • Government is a fruitful source of objective data.

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TOTAL REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between the total revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. It is combined with a perfectly competitive firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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