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APP: The abbreviation of average physical product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average physical product is actually just another name for average product (AP). But don't be confused by the extra term (physical).
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MOST-FAVORED NATION: A condition, usually as part of a trade agreement among nations (such as General Agreement on Tariffs and Trade), that ensures one country will extend its least restrictive trade barriers to another country. Suppose, for example, the good old U. S. of A. makes the Republic of Northwest Queoldiola a most-favored nation. If the United States then eliminates tariffs on sundials imported from Brazil, it must also eliminate tariffs on imported Queoldiolan sundials. Because countries have generally followed this most-favored nation system for several decades, international bickering over trade barriers has been significantly reduced. See foreign trade. See also | foreign trade | General Agreement on Tariffs and Trade | trade barriers | tariff | bilateral | unilateral | multilateral |
Recommended Citation:MOST-FAVORED NATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 25, 2024].
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MARGINAL UTILITY-PRICE RATIO The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"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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BCD
Business Cycle Development
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