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May 11, 2021 

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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.

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BABY BOOMER: A citizen of the good old U. S. of A. born between the years 1946 and 1960. These Boomers represent a relatively large segment of the population and outnumber any other group born during a similar period, such as those born from 1931 to 1945 or from 1961 to 1975. Over the years, they've tended to set the standard for consumption, production, and politics. They have had and will continue to have a big impact on the Social Security system. As labor, they've provided an amble pool of tax funds and thus sizable benefits to Social Security recipients during the 1980s and 1990s. When these Boomers retire in the 2020s and beyond, however, they will leave a big gap in the labor force and also demand a great deal from the Social Security system.

     See also | consumption | production | Social Security | labor | tax | labor force |


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MARGINAL REVENUE CURVE, MONOPOLY

A curve that graphically represents the relation between the marginal revenue received by a monopoly for selling its output and the quantity of output sold. Because a monopoly is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopoly maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for high interest rates.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"Everyone is bound to bear patiently the results of his own example. "

-- Phaedrus, Philosopher

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