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SELF CORRECTION: The process through which a model, especially the market and the aggregate market, automatically adjust to equilibrium through changes in one of the variables. For the standard market, self-correction involves changes in the market price to eliminate shortages and surpluses. For the aggregate market, self-correction involves changes in wages, which shift the short-run aggregate supply curve and move the aggregate market from short-run equilibrium to long-run equilibrium.

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L

A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.

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[What's This?]

Today, you are likely to spend a great deal of time at an auction hoping to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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