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LRAC CURVE: The common abbreviation for the long-run average cost curve, which is a curve depicting the per unit cost of producing a good or service in the long run when all inputs are variable. The long-run average cost curve can be derived in two ways. On is to plot long-run average cost, which is, long-run total cost divided by the quantity of output produced. at different output levels. The more common method, however, is as an envelope of an infinite number of short-run average total cost curves. Such an envelope is base on identifying the point on each short-run average total cost curve that provides the lowest possible average cost for each quantity of output. The long-run average cost curve is U-shaped, reflecting economies of scale (or increasing returns to scale) when negatively-sloped and diseconomies of scale (or decreasing returns to scale) when positively sloped. The minimum point (or range) on the LRAC curve is the minimum efficient scale.

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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production Page: 4 of 25

Topic: Given Year <=PAGE BACK | PAGE NEXT=>

The third GDP highlight phrase is 'a given period of time'.

GDP is production that takes place during a specific period, usually one year.

  • GDP is a flow. Current production takes place during the specific period of time under study.
  • Flows are measured over a period of time. GDP is measured from January 1st to December 31st.
  • Stocks are measured at a point in time. The quantity of money is measured at an instant in time, like July 26th at 8:15.
  • In addition to GDP, other production and income measures in this lesson are flows.
  • In addition to money, employment, business inventories, and labor force are stocks.

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DISEQUILIBRIUM PRICE

A price that does not achieve equilibrium in the market. A disequilibrium price is either above or below the equilibrium price. A price below the equilibrium price creates a shortage and a price above the equilibrium price creates a surplus. In both case, the market imbalance prompts the price to change, moving toward the equilibrium price.

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