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ADJUSTMENT, LONG-RUN AGGREGATE MARKET: Disequilibrium in the long-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the long-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the long-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases long-run equilibrium is restored. Price level changes induce changes in aggregate expenditures but NOT changes in real production. The reason is that long-run aggregate supply is full-employment real production, which is unaffected by the price level.
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MARKET PERIOD: A period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. In other words, you've produced the good, you're not going to produced any more for now, all that remains is to sell it. You should compare market period with short run and production, long run and production, and very long run. See also | fixed input | variable input | perfectly inelastic | short-run production | long-run production | very long run |
Recommended Citation:MARKET PERIOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: June 9, 2026].
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MARGINAL UTILITY OF INCOME The change in utility resulting from a given change in income. This is a specialized case of the general notion of marginal utility, which is simply the change in utility resulting from a given change in the consumption of a good. Marginal utility of income is key to identifying alternative risk preferences, including risk aversion, risk neutrality, and risk loving. These three risk preferences are indicated by three marginal utility of income possibilities, decreasing (risk aversion), increasing (risk loving), and constant (risk neutrality).
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"You just don't luck into things as much as you'd like to think you do. You build step by step, whether it's friendships or opportunities. " -- Barbara Bush, first lady
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ICTB
International Customs Tariffs Bureau
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