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AMEX: The common abbreviation for the American Stock Exchange, which is one of three national stock markets in the United States (see National Association of Securities Dealers and New York Stock Exchange) that trade ownership shares in corporations. In terms of daily stock transactions and the number of stocks listed, the American Stock Exchange is the smallest of these three. However, it's composite index of stock prices -- AMEX is considered important enough to be flashed briefly on the nightly news.

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Lesson 6: Market Supply | Unit 1: Selling Basics Page: 2 of 19

Topic: Supply Price <=PAGE BACK | PAGE NEXT=>

There's more we need to consider about supply. First the supply price.

Supply price is the minimum price that sellers would be willing and able to accept for a given quantity of a good.

  • Sellers have an lower limit on the price that they would be willing and able to accept for a good, compared to the upper limit of the demand price.
  • Sellers are willing and able to accept a higher price. In fact, they would be glad to sell a good for a billion dollars... or more.
  • The minimum supply price is based on the fact of economic life that people prefer more to less.

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ALLOCATIVE EFFICIENCY

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.

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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for cardboard boxes.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

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