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LRAS: The abbreviation of long-run aggregate supply, which is 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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MARKET DEMAND

The combined demand of everyone willing and able to buy a good in a market. Market demand is one half of the market. The other is market supply. It is graphically represented by a negatively-sloped market demand curve, which can be derived by combining, or adding, the individual demands of every buyer in the market.

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for jovial bank tellers.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"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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