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July 11, 2025 

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INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This 'law' is most important to the slope of the production possibilities curve. It generates the convex shape of the curve, making the curve flat at the top and steep at the bottom.

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MICRO GOALS: The two goals of a mixed economy that are most relevant to the study of microeconomics are efficiency and equity. Efficiency is obtaining the most possible satisfaction of wants and needs from a given amount of resources. Equity is the "fairness" with which income and wealth are distributed. Of course, what is "fair" is not obvious.

     See also | economic goals | macro goals | mixed economy | microeconomics | equity | efficiency | satisfaction | wants | needs | Pareto efficiency | income distribution | wealth distribution | third rule of inequality |


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MARGINAL COST AND MARGINAL PRODUCT

The U-shape of the marginal cost curve is closely related to the hump-shape of the marginal product curve. The increasing portion of the marginal product curve corresponds with the decreasing portion of the marginal cost curve. The decreasing portion of the marginal product curve corresponds with the increasing portion of the marginal cost curve. The peak of the marginal product curve corresponds with the minimum of the marginal cost curve.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for slow moving vehicles with darkened windows.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"If anything terrifies me, I must try to conquer it. "

-- Francis Charles Chichester, yachtsman, aviator

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