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GDP DEFLATOR: A price index based on the calculation of real gross domestic product that's used as an indicator of average prices in the economy. Those loveable economists who spend their days and nights compiling and estimating the size of our economic pie provide estimates of gross domestic product in both nominal dollars and real dollars.

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AVERAGE VARIABLE COST: Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. Average variable cost, abbreviated AVC, decreases with additional production at relatively small quantities of output, then eventually increases with relatively larger quantities of output. This pattern is illustrated by a U-shaped average variable cost curve. The logic behind this decrease-increase U-shaped pattern can be found with a closer examination of the law of diminishing marginal returns, average product, and the average-marginal rule. You should also check out marginal cost.

     See also | total variable cost | short-run production | average variable cost curve | average product | quantity | technology | resource prices | average total cost | marginal cost | average fixed cost | law of diminishing marginal returns | average-marginal rule | U-shaped cost curves | increasing marginal returns | decreasing marginal returns |


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AVERAGE VARIABLE COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 22, 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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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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