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PERFECT COMPETITION, SHUTDOWN: A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).

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WAGES, AGGREGATE SUPPLY DETERMINANT

One of several specific aggregate supply determinants assumed constant when the short-run aggregate supply curve is constructed, and that shifts the short-run aggregate supply curve when it changes. An increase in the wages causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in the wages causes an increase (rightward shift) of the short-run aggregate supply curve. Other notable aggregate supply determinants include the technology, energy prices, and the capital stock. Wages are an example of a resource price aggregate supply determinant.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. "

-- Joe Paterno, Football coach

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