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REGULATORY POLICY: Government policy based on government's ability to pass laws and enact regulations.

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LONG-RUN INDUSTRY SUPPLY CURVE

The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry has completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities that reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths, indicating an increasing-cost industry, a decreasing-cost industry, and a constant-cost industry.

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APLS

PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at an auction wanting to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for crowded shopping malls.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Failure will never overtake me if my determination to succeed is strong enough."

-- Og Mandino, Author and Speaker

KCBT
Kansas City Board of Trade
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