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LONG-RUN AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply (LRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is short-run aggregate supply (SRAS).

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FALLACIES

Logical errors in an argument or evaluation of a policy. The six common fallacies that surface in economic analysis are: false cause, personal attack, division, composition, false authority, and mass appeal. These fallacies are most troublesome because, although false, they seem correct, especially when used by slick-talking, charismatic people (politicians) or when the fallacies support preconceived notions or fundamental beliefs.

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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 looking to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for gnomes hiding in cypress trees.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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DARA
Decreasing Absolute Risk Aversion
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