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VERY LONG RUN: A period of time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change. You should compare very long run with long run and production, short run and production, and market period.

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Lesson 22: Factor Supply | Unit 4: Determinants Page: 18 of 25

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  • Price is not the only influence on quantity supplied. These are ceteris paribus factor supply determinants:

  • Factor supply determinants are any influences, other than factor price, assumed constant when a factor supply curve is constructed that shift the factor supply curve when they change.
  • Supply Determinants:

    • Resource Prices
    • Technology
    • Other Prices
    • Expectations
    • Number of Sellers


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MARKET EQUILIBRIUM

The state of equilibrium that exists when the opposing market forces of demand and supply achieve a balance with no inherent tendency for change. Once achieved, a market equilibrium persists unless or until it is disrupted by an outside force, especially the demand and supply determinants. A market equilibrium is indicated by equilibrium price and equilibrium quantity.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for attractive cable television service repair people.
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In the early 1900s around 300 automobile companies operated in the United States.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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