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LONG-RUN AGGREGATE SUPPLY: The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply (LRAS) is one of two aggregate supply alternatives, distinguished by the degree of price flexibility; the other is short-run aggregate supply (SRAS).
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TOTAL FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between total factor cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.
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GRAY SKITTERY [What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for small children selling products door-to-door. Your Complete Scope
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Try first to be a man of value; success will follow. " -- Albert Einstein, physicist
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SEHK Stock Exchange of Hong Kong
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