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July 26, 2024 

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SILVER CERTIFICATE: Paper currency issued by the U. S. Treasury from 1878 until the 1960s that could be exchanged for an equal value of silver. An occasional silver certificate will pop up in circulation, but for the most part they have been relegated to the storage vaults of collectors and have been replaced by Federal Reserve notes as the nation's paper money.

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MONOPOLISTIC COMPETITION AND EFFICIENCY: A monopolistically competitive firm generally produces less output and charges a higher price than would be the case for a perfectly competitive industry. In particular, the price charged by monopolistic competition is not equal to (in fact, higher than) the marginal cost of production. The equality between price and marginal cost is THE key indication that resources are allocated efficiently and that society's resources are NOT being used to generate the highest possible level of satisfaction.

     See also | monopolistic competition | market control | marginal cost | demand curve | market failure | monopolistic competition characteristics | monopolistic competition and demand | inefficiency |


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MONOPOLISTIC COMPETITION AND EFFICIENCY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024].


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NET NATIONAL PRODUCT

The total market value of all final goods and services produced by citizens of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Net national product (NNP) has the same relation to net domestic product (NDP) as gross national product (GNP) has to gross domestic product (GDP). Net national product also has the same relation to gross national product that net domestic product has to gross domestic product. Like NDP, NNP is a measure of the net production in the economy.

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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for jovial bank tellers.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Old age isn't so bad when you consider the alternative. "

-- Cato, Roman orator

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