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SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE: The short-run aggregate supply (SRAS) curve has a positive slope, reflecting the direct relation between the price level and aggregate real production. A higher price level is related to more real production and a lower price level is related to less real production. The general reason is similar to that of market supply curves--the opportunity cost of production--three specific reasons can be identified: (1) inflexible resource prices that often makes it easier to reduce aggregate real production and resource employment when the price level falls; (2) the pool of natural unemployment, consisting of frictional and structural unemployment, that can be used temporarily to increase aggregate real production when the price level rises; and (3) imbalances in the purchasing power of resource prices that can temporarily entice resource owners to produce more or less aggregate real production than the would at full employment.
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SUPPLY BY A FIRM The range of quantities of a factor that a firm is willing and able to sell at a range of factor prices. Supply by a firm is a phrase that is most relevant to the study of factor markets, especially when contrasted with supply to a firm. Supply by a firm puts the firm on the selling side of the factor market. Supply to a firm puts the firm on the buying side of the factor market.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for slow moving vehicles with darkened windows.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"The two most powerful warriors are patience and time. " -- Leo Tolstoy, author
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WIPO
World Intellectual Property Organization
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