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Pipe definitions



Hi,


> has it for $42/ft sched 40 and $74/ft sched 80.  Their toll free line


What does "sched 40" and "sched 80" mean? I am sure it is the strength
standard of some sort but what is the definition?

Same question for "black" pipe as opposed to "water" pipe? What is the 
difference?

Thanks,
Ray