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LONG-RUN AGGREGATE MARKET: A macroeconomic model relating the price level and real production under the assumption that ALL prices flexible. This is one of two aggregate market submodels used to analyze business cycles, aggregate production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the short-run aggregate market. The long-run aggregate market isolates the interaction between aggregate demand and long-run aggregate supply. The key assumption of this model is that ALL prices, especially resource prices, are flexible. The primary result of this model is that the economy achieves long-run equilibrium at full-employment real production.
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MARGINAL RETURNS The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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LRAC
Long Run Average Cost
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