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LRAS CURVE: The abbreviation of long-run aggregate supply, which is the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The LRAS curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.
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U-SHAPED COST CURVES: The family of short-run cost curves consisting of average total cost, average variable cost, and marginal cost, all of which have U-shapes. They are U-shaped because each has high but falling cost at low quantities of output, which then reaches a minimum, then has rising cost at larger quantities of output. Although the average fixed cost curve is not U-shaped, it's occasionally included with the other three just for sake of completeness. See also | average total cost | average variable cost | marginal cost | average fixed cost | average total cost curve | average variable cost curve | marginal cost curve | average fixed cost curve | short-run production | stages of production | increasing marginal returns | decreasing marginal returns | law of diminishing marginal returns | total cost | total variable cost | total fixed cost |
Recommended Citation:U-SHAPED COST CURVES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: April 27, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: U-shaped cost curves
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AGGREGATE MARKET SHOCKS Disruptions of the equilibrium in the aggregate market (or AS-AD model) caused by shifts of the aggregate demand, short-run aggregate supply, or long-run aggregate supply curves. Shocks of the aggregate market are associated with, and thus used to analyze, assorted macroeconomic phenomena such as business cycles, unemployment, inflation, stabilization policies, and economic growth. The specific analysis of aggregate market shocks identifies changes in the price level (GDP price deflator) and real production (real GDP). Changes in the price level and real production have direct implications for the unemployment rate, the inflation rate, national income, and a host of other macroeconomic measures.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for slow moving vehicles with darkened windows.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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ARMA
Autoregressive Moving Average
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