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LAW OF SUPPLY: The direct relationship between supply price and the quantity supplied, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity increases, then the quantity of the commodity that sellers are able and willing to sell in a given period of time, if other factors are held constant, also increases. This law, while not quite as iron-clad as the law of demand, is quite important to the study of markets.
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LONG-RUN TOTAL COST The opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit earned by entrepreneurs. Unlike short-run total cost, long-run total cost cannot be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Gravitation can not be held responsible for people falling in love." -- Albert Einstein
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