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ABSOLUTE POVERTY LEVEL: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer a relative poverty level.

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AVERAGE VARIABLE COST CURVE: A curve that graphically represents the relation between average variable cost incurred by a firm in the short-run production of a good or service and the quantity produced. This curve is constructed to capture the relation between average variable cost and the level of output, holding other variables, like technology and resource prices, constant. The average variable cost curve is one the three average curves. The other two are average total cost curve and average fixed cost curve.

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


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AVERAGE VARIABLE COST CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 3, 2024].


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SELF CORRECTION, MARKET

The automatic process in which markets adjust from disequilibrium to equilibrium. With this self-correction process, the market price either increases or decreases in response to a shortage or a surplus to restore the balance between quantity demanded and quantity supplied. This process works automatically to achieve equilibrium without the need for outside intervention, such as government regulation.

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