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NASDAQ: The National Association of Securities Dealers Automated Quotation. It is the stock price index used to measure the relative value of stocks traded over the NASD. This widely used composite index is based on the prices of 5,000 of these over-the-counter stocks.

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Lesson 14: Aggregate Supply | Unit 3: The Curves Page: 9 of 20

Topic: Short Run <=PAGE BACK | PAGE NEXT=>

The short-run aggregate supply (SRAS) curve captures the relationship between the price level and the aggregate supply of real production in the short run.
  • GDP deflator, the price level, is measured on the vertical axis. Real GDP, the real production, is measured on the horizontal axis.

Highlights:

  • The SRAS is a positively-sloped line.
  • The positive slope means that higher price levels correspond to greater levels of real production.
  • With rigid prices, the price level does affect the aggregate supply of real production in the short run.

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MARGINAL FACTOR COST

The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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Today, you are likely to spend a great deal of time at an auction seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for deranged pelicans.
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John Maynard Keynes was born the same year Karl Marx died.
"You can't build a reputation on what you are going to do."

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