March 23, 2018 

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VERY SHORT RUN, MICROECONOMICS: A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.

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Lesson 6: Supply | Unit 3: Supply Curve Page: 10 of 19

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The area above the supply curve is the supply space.
  • The curve represents the minimum price that sellers would be willing to accept.
  • Sellers would be willing to accept more than the supply price on the supply curve, but not less.
Use your mouse arrow to highlight the supply curve and the supply space on this graph.

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The calendar week (Sunday through Saturday) containing the 19th day of the month that is used to conduct the Current Population Survey (CPS). This is the time period in which CPS interviews contact occupants of 60,000 households included in the survey. The survey questions posed by the interviewers then refer to the employment activities of the respondents during the previous calendar week, which is the termed the reference week. The activities of survey respondents during the reference week are the source of information used to estimate the unemployment rate and other employment information generated by the CPS.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for attractive cable television service repair people.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

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