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LONG-RUN INDUSTRY SUPPLY CURVE: The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry as completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities the reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths: increasing, decreasing, and constant. These three adjustment paths indicate an increasing-cost industry, decreasing-cost industry, and constant-cost industry, respectively.
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. " -- Andrew Carnegie, entrepreneur
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GLS
Generalized Least Squares
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