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SHORT RUN, MICROECONOMICS: In terms of the microeconomic analysis of production and supply, a period of time in which at least one input in the production process is variable and one is fixed. You should compare and contrast the short run with long-run production, very long run, and market period. In the microeconomic analysis, the short run is primarily used to analyze production decisions for a firm. In this context, the variable input is typically labor and the fixed input is capital. The short-run analysis of production reveals the law of diminishing marginal returns and provides an understanding of the upward-sloping supply curve and the law of supply.
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AGGREGATE DEMAND DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate demand, resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the short-run aggregate market results in a decrease in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for defective microphones.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"If you don't make mistakes, you aren't really trying." -- Coleman Hawkings,musician
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EU
European Union
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