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SLOPE, AGGREGATE DEMAND CURVE: The aggregate demand curve has a negative slope, reflecting the inverse relation between the price level and aggregate expenditures on real production. A higher price level is related to fewer aggregate expenditures and a lower price level is related to greater aggregate expenditures. The three reasons underlying the negative slope of the AD curve and the inverse relation between the price level and aggregate expenditures on real production are: real-balance effect; interest-rate effect; and net-export effect.
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LONG-RUN AVERAGE COST The per unit cost of producing a good or service in the long run when all inputs under the control of the firm are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is guided by returns to scale.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for pencil sharpeners with an attitude.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"I can't change the direction of the wind, but I can adjust my sails to always reach my destination." -- Jimmy Dean
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