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SHORT-RUN AGGREGATE SUPPLY AND MARKET SUPPLY: The short-run aggregate supply curve, or SRAS curve, has similarities to, but differences from, the standard market supply curve. Both are positively sloped. Both relate price and quantity. However, the market supply curve is positively sloped due to the law of diminishing marginal returns and the short-run aggregate supply curve is positively-sloped due to inflexible prices, the pool of natural unemployment, and imbalances in real resource prices.
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LONG-RUN AVERAGE COST CURVE, DERIVATION The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for mail order catalogs with hidden messages.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"There is more to life than increasing its speed. " -- Mohandas Gandhi, activist
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