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NOMINAL PRODUCTION: The market value of all production measured in current, actual prices. Nominal production is typically measured with nominal GDP.

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SHORT-RUN PRODUCTION ALTERNATIVES

A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.

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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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