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AD VALOREM TAX: A tax that is specified as a percentage of value. Sales, income, and property taxes are three of the more popular ad valorem taxes devised by government. The total ad valorem tax paid increases with the value of what's being taxed.

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Lesson 13: The Firm | Unit 4: U.S. Firms Page: 19 of 24

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  • Let's see what these numbers can tell us about firms in the economy.

    1. The most striking bit of information is that the overwhelming majority of firms in the economy are proprietorships.

    2. These proprietorships, however, tend to be small operations. Proprietorships account for only 5% of the total sales.

    3. While corporations constitute only 20% of the firms in the economy, they account for a whopping 89% of total sales.

    4. When you encounter a firm, the odds are it's a proprietorship.

    5. Nothing particular remarkable can be noted about partnerships.

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VARIABLE COST

In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount produced. If there is no production, then there is no variable cost.

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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for rusty deck screws.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

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