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ANDEAN COMMUNITY: The Andean Community (CAN) is a subregional organization endowed with an international legal status, which is made up of Bolivia, Colombia, Ecuador, Peru and Venezuela. The main objectives of the Andean Community are to promote the balanced and harmonious development of the member countries under equitable conditions, to boost their growth through integration and economic and social cooperation and to enhance participation in the regional integration process with a view to the progressive formation of a Latin American common market. The Andean Community started operating on August 1, 1997 with a General Secretariat, whose headquarters are in Lima (Peru), as its executive body.
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Lesson 11: Elasticity Basics | Unit 4: A Continuum
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Page: 19 of 25
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Topic:
Perfectly Inelastic
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- At the other end of the elasticity continuum is perfectly inelastic:
- Perfectly inelastic is an elasticity alternative in which an infinitely large change in one variable (price) is needed to cause an infinitesimally small change in another variable (quantity).
- Once again, this works for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.
- Perfectly inelastic demand and supply are represented by vertical demand and supply curves.
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?
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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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"Sometimes our light goes out, but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light. " -- Albert Schweitzer, missionary physician
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M2
M1 plus savings types of near monies, including savings deposits, certificates of deposits, money market deposits, repurchase agreements, and Eurodollars
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