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August 23, 2019 

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LONG-RUN AVERAGE COST CURVE: A curve depicting the per unit cost of producing a good or service in the long run when all inputs are variable. The long-run average cost curve (usually abbreviated LRAC) can be derived in two ways. On is to plot long-run average cost, which is, long-run total cost divided by the quantity of output produced. at different output levels. The more common method, however, is as an envelope of an infinite number of short-run average total cost curves. Such an envelope is base on identifying the point on each short-run average total cost curve that provides the lowest possible average cost for each quantity of output. The long-run average cost curve is U-shaped, reflecting economies of scale (or increasing returns to scale) when negatively-sloped and diseconomies of scale (or decreasing returns to scale) when positively sloped. The minimum point (or range) on the LRAC curve is the minimum efficient scale.

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EQUILIBRIUM PRICE: The price that exists when a market is in equilibrium. In particular, the equilibrium price is the price that equates the quantity demanded and quantity supplied, which is termed the equilibrium quantity. Moreover, the equilibrium price is simultaneously equal to the both the demand price and supply price. In a market graph, like the one displayed here, the equilibrium price is found at the intersection of the demand curve and the supply curve. The equilibrium price is also commonly referred to as the market-clearing price.

     See also | equilibrium | market | equilibrium quantity | quantity demanded | quantity supplied | demand price | supply price | demand curve | supply curve | shortage | surplus | demand shock | supply shock |


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EQUILIBRIUM PRICE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: August 23, 2019].


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CHECKABLE DEPOSITS

Checking account deposits maintained by traditional commercial banks and depository thrift institutions (savings and loan associations, credit unions, and mutual savings banks) that are generally accepted in payment in exchange for goods and services. These accounts, also termed transactions deposits, make it possible for customers transfer funds easily and quickly to another, which makes them ideally suited for use as money. Checkable deposits are approximately one-half of the official M1 monetary aggregate tracked by the Federal Reserve System. The other half is currency (paper bills and metal coins).

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