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June 16, 2025 

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SLOPE, LONG-RUN AGGREGATE SUPPLY CURVE: The long-run aggregate supply (LRAS) curve is a vertical line with an infinite slope, reflecting the independent relation between the price level and aggregate real production. A higher price level is associated with the same real production as a lower price level. And this real production is that produced when resources are fully employed, that is, full-employment production. Real production is unaffected by the price level because prices are flexible in the long run. Long-run price flexibility ensures that ALL markets (product, financial, and resource) are in equilibrium.

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STABILITY: Limiting macroeconomic fluctuations in prices, employment, and production. This is one of the five economic goals, specifically one of the three macro goals (the other two are economic growth and full employment). One primary focus of this stability goal is to keep inflation in check. High or unpredictable inflation rates can cause uncertainty and haphazardly redistribute income and wealth.

     See also | macro goals | economic goals | macroeconomics | economic growth | full employment | inflation | uncertainty | business cycle | price stability |


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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION

A curve that graphically represents the relation between the marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because a monopolistically competitive firm is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopolistically competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost 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 trying to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for the happiest person in the room.
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Lombard Street is London's equivalent of New York's Wall Street.
"Be kind and merciful. Let no one ever come to you without coming away better and happier."

-- Mother Teresa of Calcutta, humanitarian

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