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AGGLOMERATION: The clustering of several similar or related activities at the same location. Many industries have firms that tend to agglomerate, that is, locate very close to one another, leading to geographic concentration. For example, the motion picture industry is concentrated in California, the fashion industry is concentrated in New York, and the petroleum industry is concentrated in Texas. Agglomeration can be caused by accessibility to a concentrated natural resource (such as petroleum or sunny weather), but if often feeds upon itself through agglomeration economies. Firms in the same industry often have lower production cost when the located near their competitors.

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MONOPOLY PROFIT: Economic profit generated as a result of a firm's market control. It's termed monopoly profit as a reflection of the most prominent market structure with market control--monopoly. However, any market structure with market control, including oligopoly and monopolistic competition, can generate monopoly profit. The existence of monopoly profit is a clear-cut indication that a firm is NOT efficiently allocating resources. While having market control in no way guarantees that a firm will receive monopoly profit, there's no way for a firm to obtain monopoly profit WITHOUT market control. As economic profit, monopoly profit is over and above a normal profit.

     See also | profit | entrepreneurship | monopoly | market control | factor payments | accounting profit | economic profit | normal profit | economic rent | rent seeking | oligopoly | monopolistic competition |


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DEMAND INCREASE

An increase in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a rightward shift of the demand curve. An increase in demand is caused by a change in a demand determinant and results in an increase in equilibrium quantity and an increase in equilibrium price. A demand increase is one of two demand shocks to the market. The other is a demand decrease.

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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. "

-- Harry Truman, 33rd US president

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