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EXCESS SUPPLY: A disequilibrium condition in a competitive market in which the quantity supplied is greater than the quantity demanded, hence there's "extra" supply. Pointy-headed economists generally use the more technical term surplus rather than excess supply. The reason, of course, is that surplus has two syllables and excess supply has four. The time saved in pronouncing two syllables rather than four is a definite efficiency plus for the entire economy.

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INTERMEDIATE RANGE: The positively-sloped segment of the Keynesian aggregate supply curve that reflects the trade-off between aggregate output and the price level. Shifts of the aggregate demand curve in this range lead to changes in both aggregate output and the in price level. The intermediate range is consistent with the modern view of a positively sloped short-run aggregate supply curve. The other ranges of the Keynesian aggregate supply curve are the Keynesian range and the classical range.

     See also | Keynesian aggregate supply curve | Keynesian economics | aggregate output | price level | short-run aggregate supply curve | Keynesian range | classical range | gross domestic product |


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INTERMEDIATE RANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: April 25, 2025].


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MARGINAL REVENUE PRODUCT CURVE

A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.

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Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for cardboard boxes.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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