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EQUILIBRIUM, LONG-RUN AGGREGATE MARKET: The state of equilibrium that exists in the long-run aggregate market when real aggregate expenditures are equal to full employment real production with no imbalances to induce changes in the price level or real production. The opposing forces of aggregate demand (the buyers) and long-run aggregate supply (the sellers) exactly offset each other. Equilibrium in the long-run aggregate market also involves simultaneous equilibrium in the aggregated financial and resource markets. Long-run price flexibility ensures that all three aggregate markets are in equilibrium.
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MARGINAL UTILITY-PRICE RATIO The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for celebrities who speak directly to you through your television.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude. " -- Colin Powell, general
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AID
Agency for International Development
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