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KEYNESIAN RANGE: The horizontal segment of the Keynesian aggregate supply curve that reflects rigid prices and wages. Shifts of the aggregate demand curve in this range lead to changes in the aggregate output, but not changes in price level. Such results are consistent with Keynesian economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the classical range and the intermediate range.
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AVERAGE FACTOR COST CURVE A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at an auction wanting to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for slow moving vehicles with darkened windows.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom." -- Cao Yu, Playwright
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USDA
United States Department of Agriculture
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