in 1906 by an Italian expedition, it was named for Queen Margherita of Italy. It is the third-highest mountain in Africa, after Kilimanjaro and Mount Kenya.
margin In finance, the amount by which the value of collateral pledged as security for a loan exceeds the amount of the loan. This excess pro¬ vides the lender a “margin” of safety over and above the collateral offered and thus makes extending a loan a more attractive proposition. The size of the margin varies with the type of collateral, the stability of its market price, and the credit standing of the borrower. The term margin is also used in reference to securities transactions. When securities are purchased “on margin,” the buyer supplies a percentage of the purchase price in cash, pledges the security as collateral, and borrows the remainder from the broker. The U.S. Federal Reserve Board (see Federal Reserve System) sets minimum margin requirements on loans made for the purpose of buying securities, so as to prevent excessive use of credit for speculation in stocks, as happened before the stock-market crash of 1929.
marginal-cost pricing In economics, the practice of setting a prod¬ uct’s price equal to the additional (marginal) cost of producing one more unit of output. The producer charges an amount equal to the cost of the additional economic resources. The policy is used to maintain a low sell¬ ing price or to keep a business operating during a period of poor sales. Because fixed costs such as rent and building maintenance must be paid whether a company produces or not, a firm experiencing temporary dif¬ ficulties may decide to remain in production and sell the product at mar¬ ginal cost, since its losses will be no greater than if it ceased production.
marginal productivity theory In economics, the theory that firms will pay a productive agent only what he or she adds to the financial earn¬ ings of the firm. Developed by writers such as John Bates Clark and Philip Henry Wicksteed at the end of the 19th century, marginal productivity theory holds that it is unprofitable to buy, for example, a man-hour of labour if it costs more than it contributes to its buyer’s income. The amount in excess of costs that a productive input yields is the value of its marginal product; the theory posits that every type of input should be paid the value of its marginal product.
marginal utility In economics, the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a com¬ modity or service. The law of diminishing utility implies that utility or benefit is inversely related to the number of units already owned. For example, the marginal utility of one slice of bread offered to a family that has five slices will be great, since the family will be less hungry and the difference between five and six is proportionally significant. An extra slice offered to a family that has 30 slices will have less marginal utility, since the difference between 30 and 31 is proportionally smaller and the fami¬ ly’s appetite may be satisfied by what it already has. The concept grew out of attempts by 19th-century economists to explain the fundamental economic reality of price.
marguerite V.mar-go-'reA Any of several genera of golden daisylike flowers in the composite family. Yellow or white ray flowers and yellow disk flowers are borne in the compact flower heads. Marguerites are cul¬ tivated as garden ornamentals, especially golden marguerite, also called yellow chamomile (Anthemis tinctoria ). See also chamomile, daisy.
Maria Legio Xmo-'re-o-'la-ge-.oV or Legio Maria or Legion of Mary Church Independent African church influenced by Roman Catholicism. It originated in Kenya in 1963 when two Catholics of the Luo group, Simeon Ondeto and Gaundencia Aoko, claimed to have undergone prophetic experiences. The church, which offers healing by prayer and exorcism of evil spirits, adds features of Pentecostalism to Catholic wor¬ ship and hierarchy. In its first year it gained about 90,000 adherents, but membership had dropped to 50,000 by the end of the decade. It rejects Western and traditional medicines, alcohol, tobacco, and dancing but accepts polygamy and is strongly nationalistic.
Maria Theresa \to-'ra-s9\ German Maria Theresia (b. May 13,
1717, Vienna, Austria—d. Nov. 29, 1780, Vienna) Archduchess of Aus¬ tria and queen of Hungary and Bohemia (1740-80). She was the eldest daughter of Emperor Charles VI, who promulgated the Pragmatic Sanction to allow her to succeed to the Habsburg domains. Opposition to her suc¬ cession led in 1740 to the War of the Austrian Succession. After Emperor Charles VII died (1745), she obtained the imperial crown for her husband, who became Francis I. She helped initiate financial and educational reforms, promoted commerce and the development of agriculture, and
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mariachi ► Mariinsky I 1195
reorganized the army, all of which strengthened Austria’s resources. Con¬ tinued conflict with Prussia led to the Seven Years' War and later to the War of the Bavarian Succession. After her husband’s death (1765), her son became emperor as Joseph II. She criticized many of his actions but agreed to the partition of Poland (1772). A key figure in the power politics of 18th-century Europe, Maria Theresa brought unity to the Habsburg mon¬ archy and was considered one of its most capable rulers. Her 16 children also included Marie-Antoinette and Leopold II.
mariachi \,mar-e-'a-che\ Traditional Mexican street ensemble. In the 19th century, mariachis consisted solely of stringed instruments, includ¬ ing violin, guitar, guitarron, vihuela, mandolin, and double bass; since the 1920s they have generally included trumpets and often other wind instru¬ ments as well. The mariachi repertoire includes songs and lively dance music.
Mariam, Mengistu Haile See Mengistu Haile Mariam
Mariana Islands \ l mar-e- l a-no\ formerly Ladrone Islands
Xlo-'dronX Island group, western Pacific Ocean. Located east of the Phil¬ ippines, it comprises 15 islands and is divided politically into Guam and the Northern Mariana Islands. The population is descended from the pre- Spanish Chamorro people and Spanish, Mexican, German, Philippine, and Japanese settlers. Spanish cultural traditions are strong. After Ferdinand Magellan became the first European to discover them in 1521, they were visited frequently but were not colonized until 1668, at which time Jesuit missionaries changed their name to honor Mariana of Austria, regent of Spain.
Mariana Trench Submarine trench in the floor of the western North Pacific Ocean. It is the deepest known depression on the surface of the Earth, with a maximum depth of 36,201 ft (11,034 m). The trench extends from southeast of Guam to northwest of the Mariana Islands, a distance of more than 1,580 mi (2,550 km), and has a mean width of 43 mi (69 km). See also deep-sea trench.
Mariategui X.ma-re-'a-ta-geX, Jose Carlos (b. June 14, 1895, Lima, Peru—d. April 16, 1930, Lima) Peruvian political leader and essayist. In 1919 he was sent to study in Italy, where he met leading socialists of the day, including Maxim Gorky. At first a strong supporter of APRA, he split with that movement to form the Peruvian Communist Party in 1928. While emphasizing the economic aspects of Marxism in his writings, he recognized the value of religion and myth in his treatment of the Indians and advocated a greater social and political role for them. His influence is seen in the Maoist Shining Path revolutionary movement.
Ma’rib Vmar-ib\ Ancient city ruins, north-central Yemen. The ancient fortified city of Ma’rib was the centre of the pre-Islamic state of Saba’ (950-115 bc). It was located on one of the caravan routes between the Mediterranean Sea and the Arabian Peninsula, and it prospered through its trading monopoly on frankincense and myrrh. The ancient Ma’rib Dam was built c. 7th cent bc to regulate the waters of the Wadi Sadd; some
1,800 ft (550 m) long, it irrigated more than 4,000 acres (1,600 hect¬ ares) and supported a densely settled agricultural region. The dam was destroyed in the 6th century ad.