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AGGREGATE SUPPLY DETERMINANTS: An assortment of ceteris paribus factors that affect both short-run aggregate supply and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, it's usually most convenient to group them into three broad categories -- resource quantity, resource quality, and resource prices.
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PERFECT COMPETITION, LONG-RUN ADJUSTMENT A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for telephone calls from long-lost relatives.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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CDE
Corporate Data Exchange
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