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DISEQUILIBRIUM, SHORT-RUN AGGREGATE MARKET: The state of the short-run aggregate market in which real aggregate expenditures are NOT equal to real production, which result in imbalances that induce changes in the price level, aggregate expenditures, and/or real production. In other words, the opposing forces of aggregate demand (the buyers) and short-run aggregate supply (the sellers) are out of balance. Either the four macroeconomic sector (households, business, government, and foreign) buyers are unable to purchase all of the real production that they seek at the existing price level or business-sector producers are unable to sell all of the real production that they have available at the existing price level.
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AVERAGE REVENUE AND MARGINAL REVENUE A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for poorly written technical manuals.
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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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"He who hesitates is poor. " -- Mel Brooks, writer, director, comedian
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ECLA
Economic Commission for Latin America
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