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ECONOMIES OF SCALE: Declining long-run average cost that occurs as a firm increases all inputs and expands its scale of production. This is graphically illustrated by a negatively-sloped long-run average cost curve and typically occurs for relatively small levels of production. Economies of scale are then overwhelmed by diseconomies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale cause the long-run average cost curve to be U-shaped.
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AGGREGATE DEMAND SHIFTS Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a flea market trying to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for attractive cable television service repair people.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"There's only one way to succeed in anything, and that is to give everything. " -- Vince Lombardi
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LISH
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