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Fancy Paws' year-end price on its common stock is $20. The firm has total assets of $40 million, the debt ratio is 40 percent, there is no preferred stock, and there are 2 million shares of common stock outstanding. Calculate the market-to-book ratio for Fancy Paws.
Pure Exchange Economy
An economic model where all agents are consumers, and the only economic activities are the consumption and exchange of goods, with no production.
Numeraire
A standard unit of account in which prices and values are expressed; it serves as a measure for comparing the worth of goods or services.
Endowed
Provided with a quality, ability, or asset.
Perfect Substitutes
Goods that can be used in place of each other with no loss of utility by the consumer.
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