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CLASSICAL RANGE: The vertical segment of the Keynesian aggregate supply curve that reflects the independence of full-employment aggregate output (or gross domestic product) to the price level. Shifts of the aggregate demand curve in this range lead to changes in the price level, but not changes in aggregate output. Such results are consistent with classical economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the Keynesian range and the intermediate range.
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AVERAGE PHYSICAL PRODUCT The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average product, which more often goes by the shorter name average product (AP), is one of two measures derived from total physical product. The other is marginal physical product.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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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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AMEX
American Stock Exchange
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