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AGGLOMERATION: The clustering of several similar or related activities at the same location. Many industries have firms that tend to agglomerate, that is, locate very close to one another, leading to geographic concentration. For example, the motion picture industry is concentrated in California, the fashion industry is concentrated in New York, and the petroleum industry is concentrated in Texas. Agglomeration can be caused by accessibility to a concentrated natural resource (such as petroleum or sunny weather), but if often feeds upon itself through agglomeration economies. Firms in the same industry often have lower production cost when the located near their competitors.

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Lesson 14: Aggregate Supply | Unit 2: Two Options Page: 4 of 20

Topic: Time Periods <=PAGE BACK | PAGE NEXT=>

Production of goods and services takes time.Two time periods:
  • Long run A period in which all prices are flexible. Long run price flexibility means that all markets are in equilibrium.
  • Short run A period in which some prices are flexible and some are rigid. Short run price rigidity leads to disequilibrium in resource markets, even though product and financial markets are in equilibrium.
  • In the short run, disequilibrium in resource markets (especially labor) means that jobs remain unfilled or some workers are unemployed, even though we have equilibrium in the product markets, with satisfied buyers and sellers.

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INCREASING MARGINAL RETURNS

In the short-run production by a firm, an increase in the variable input results in an increase in the marginal product of the variable input. Increasing marginal returns typically surface when the first few quantities of a variable input are added to a fixed input. This is one of two alternatives for marginal returns. The other is decreasing marginal returns. A related phenomenon for long-run production is increasing returns to scale.

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for cardboard boxes.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

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