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INDUSTRY: A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.

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AGGREGATE SUPPLY SHIFTS

Changes in the aggregate supply determinants shift both the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. There are two options--an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource price shifts one or both of the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource price shifts one or both of the aggregate supply curves to left.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at an auction hoping to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for letters from the Internal Revenue Service.
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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.
"It is not the mountain we conquer, but ourselves. "

-- Sir Edmund Hillary, Explorer

LIBOR
london Inter-Bank Offered Rate
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