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KEYNESIAN AGGREGATE SUPPLY CURVE: A modification of the standard aggregate supply curve used in the aggregate market (or AD-AD) analysis to reflect the basic assumptions of Keynesian economics. The Keynesian aggregate supply curve contains either two or three segments. The strict Keynesian aggregate supply curve contains two segments, a vertical classical range and a horizontal Keynesian range, meeting a right angle and forming a reverse L-shape. An alternative version replaces the right angle intersection with a gradual transition between the two segments that is positively sloped and termed the intermediate range. The modern aggregate supply curve is largely based on this intermediate range.
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AVERAGE FIXED COST Total fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. When compared with price (per unit revenue), average fixed cost (AFC) indicates whether or not a profit-maximizing firm should shutdown production in the short run. Average fixed cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average variable cost. A related concept is marginal cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for telephone calls from former employers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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JET
Journal of Economic Theory
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