Google
Monday 
January 21, 2019 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
NOMINAL PRODUCTION: The market value of all production measured in current, actual prices. Nominal production is typically measured with nominal GDP.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 15: Aggregate Market | Unit 5: Policy Preview Page: 21 of 22

Topic: Time of Adjustment <=PAGE BACK | PAGE NEXT=>

There is no specific, absolute time period that separates short run from long run.

Time factors:

  • First: The size of the gap between short-run real production and long-run real production. Bigger gaps take longer to close.
  • Second: Because prices are less rigid going up than down, inflationary gaps tend to close more quickly than recessionary gaps.
  • Third: Adjustment speed depends on the underlying structure of the economy, including things like size, government laws, resource endowments, and culture.
These change over time and differ among countries. But adjustment is usually months not days.

Course Home | Lesson Menu | Page Back | Page Next

AVERAGE REVENUE PRODUCT CURVE

A curve that graphically illustrates the relation between average revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit revenue at each level of the variable input. The average revenue product curve is one of two related curves often used in the analysis of factor demand. The other, and more important, is marginal revenue product curve.

Complete Entry | Visit the WEB*pedia


APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for small children selling products door-to-door.
Your Complete Scope

This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"The more you praise and celebrate your life, the more there is in life to celebrate."

-- Oprah Winfrey

EU
European Union
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2019 AmosWEB*LLC
Send comments or questions to: WebMaster