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OKUN'S LAW: A relationship that says that the gap between actual and full employment output level of gross domestic product widens by 3.0% for each percentage point increase in the unemployment rate. When Arthur Okun discovered this empirical relationship he was on President Kennedy's Council of Economic Advisers (CEA). Okun cautioned that the relationship was valid only within unemployment rates of 3% and 7.5%.

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SUPPLY DETERMINANTS: The five basic ceteris paribus factors that affect supply, but which are assumed constant when a supply curve is constructed. The five supply determinants are resource prices, technology, other prices, sellers' expectations, number of sellers.

     See also | supply | supply curve | supply price | equilibrium quantity | equilibrium price | equilibrium | resource prices | other prices | substitute-in-production | complement-in-production | sellers' expectations | number of sellers | supply increase | supply decrease | demand determinants |


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SUPPLY DETERMINANTS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: October 4, 2023].


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AVERAGE REVENUE

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.

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