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APP: The abbreviation of average physical product, which is 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 physical product is actually just another name for average product (AP). But don't be confused by the extra term (physical).

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 10 of 22

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  • How the equilibrium concept is applied to the aggregate market.
  • The three macroeconomic markets that are relevant to macroeconomic equilibrium--product, financial, and resource markets.
  • How long-run equilibrium exists when all three aggregated markets--product, financial, resource--are in equilibrium.
  • How short-run equilibrium results when the product and financial markets are in equilibrium, but the resource market is not.
  • The long-run equilibrium as a moving target that is always pursued, but seldom reached.

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LONG-RUN MARGINAL COST

The change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is an increment of the corresponding total. It is the change in long-run total cost divided by, or resulting from, a change in quantity. Long-run marginal cost is guided by returns to scale rather than marginal returns.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for the happiest person in the room.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

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