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DIVISIBILITY: One of four characteristics that enables an asset to better function as money. The other three are durability, transportablity, and non-counterfeitability. This characteristic means that the item used as money can be easily divided into small increments so that it can match commodity values more precisely.
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Lesson 15: Aggregate Market | Unit 3: Doing Curves
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Page: 14 of 22
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Topic:
Short-Run Equilibrium
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Let's identify short-run equilibrium.- The negatively-sloped aggregate demand curve, is labeled AD. This curve is the same as in the long run.
- The SRAS curve is the positively-sloped short-run aggregate supply curve.
- The short-run aggregate market equilibrium at the intersection of the two curves.
At this short-run equilibrium:- The quantities of real production demanded and supplied are equal, buyers and sellers are satisfied, and the price level doesn't change.
- But, we don't know where full employment is located. This equilibrium might involve a surplus or a shortage in the labor market.
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AVERAGE REVENUE PRODUCT Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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BLUE
Best Linear Unbiased Estimator
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