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AGGREGATE SUPPLY DETERMINANTS: An assortment of ceteris paribus factors that affect both short-run aggregate supply and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, it's usually most convenient to group them into three broad categories -- resource quantity, resource quality, and resource prices.

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PRICE-COST MARGIN: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The price-cost margin is usually taken as an indicator of market power because the larger the margin, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The price-cost margin depends on the elasticity of demand. The price-cost margin is also called the Lerner index of market power.

     See also | market power | monopoly | price | competitive market | price maker | price leadership | marginal-cost pricing | Lerner index |


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AMERICAN ASSOCIATION FOR THE ADVANCEMENT OF SCIENCE

A scientific society whose main mission is to advance science and innovation throughout the world. The American Association for the Advancement of Science (AAAS for short) publishes one of the most respected scientific magazines called Science. The association and magazine have nearly 140,000 individual and institutional subscribers, plus 272 affiliated organizations in more than 130 countries, serving a total of 10 million individuals. The American Association for the Advancement of Science was founded in 1848 to represent all disciplines of science and to support scientific exchange and discussion of science and society issues.

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On a typical day, the United States Mint produces over $1 million worth of dimes.
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