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EQUILIBRIUM, AGGREGATE MARKET: The state of the aggregate market in which real aggregate expenditures are equal to real production, which means that the price level, aggregate expenditures, and/or real production do not change. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) are in balance.

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SLOPE, PRODUCTION POSSIBILITIES CURVE

The numerical value of the slope of the production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is the opportunity cost of producing the good measured on the horizontal axis.

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