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U.S. TREASURY NOTE: One kind of government security issued by the U. S. Treasury to obtain the funds used to finance the federal budget deficit. A Treasury note (or T-note) has a maturity length of between one and 10 years.
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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium
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Page: 20 of 28
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- Conditions to maximize profit by adjustment plant size in the long run:
- Long-Run Profit Maximization: First, the firm maximizes its profit in the long run by equating marginal revenue (MR) and long-run marginal cost (LRMC).
- Short-Run Profit Maximization: Second, the firm maximizes its profit in the short run by equating marginal revenue (MR) and short-run marginal cost (SRMC).
- Marginal Cost Equality: Third, combining the first two conditions, means that the firm has equality between short-run marginal cost (SRMC) and long-run marginal cost (LRMC).
- Efficient Plant Size: Fourth, the firm has also selected the most efficient plant size for short-run production given its long-run scale of operations. In other words, his short-run average total cost (SRATC) and long-run average cost (LRAC) are also equal.
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AD VALOREM TAX A tax specified as a percentage of the price or value of a good, service, asset, or other activity. Ad valorem taxes tend to be broad based, imposed on activities such as income and retail sales. In fact, the two most important ad valorem taxes are income taxes and sales taxes. People pay a percentage of their incomes in income taxes or a percentage or the value of their purchases in sales taxes, regardless of the amount of time spent working or the quantities of goods purchases. An alternative is a per unit tax, with is a tax specified as a percentage of the physical quantity of a good.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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CIFCI
Cost, Insurance, Freight, Commission and Interest
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