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ECONOMIC AND MONETARY UNION: An aspect of the European Union designed to integrate economic and monetary policies and establish a single currency (the euro). The Economic and Monetary Union, abbreviated EMU, was created by the 1992 Maastricht Treaty and officially came into existence in 1999. The European Central Bank has control over monetary policy and the money supply for the Economic and Monetary Union.

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Lesson 6: Supply | Unit 1: Selling Basics Page: 3 of 19

Topic: Quantity Supplied <=PAGE BACK | PAGE NEXT=>

Second, quantity supplied.

Quantity supplied is the specific quantity of a good that sellers would be willing and able to sell at a specific price.

  • Price and quantity supplied are a pair of numbers that go together.
Quantity supplied is not the same as supply.
  • Supply is the entire range of prices and quantities (all pairs of numbers).
  • Quantity supplied is a specific quantity at a specific price (a quantity paired with a price).

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AVERAGE PRODUCT CURVE

A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
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The average bank teller loses about $250 every year.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

FSL
Federal Savings and Loan Association
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