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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

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AVERAGE FACTOR COST CURVE: A curve that graphically represents the relation between average factor cost incurred by a firm for buying or hiring a factor of production and the factor quantity. Because average factor cost is essentially factor price, the average factor cost curve (in most circumstances) is also the factor supply curve facing the firm. This curve is constructed to capture the relation between average factor cost and the factor quantity, holding other variables constant.

     See also | curve | average factor cost | total factor cost | factor price | factor supply curve | marginal factor cost | factor markets | perfect competition | monopsony | market control | average cost |


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LAW OF DEMAND

The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

-- Steve Jobs, Apple Computer founder

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