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January 17, 2018 

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REALISM OF MONOPOLY: If taken to the extreme, monopoly, like perfect competition is an ideal market structure that does not actually exist in the real world. In the extreme, a "pure" monopoly is a market containing one and only ONE seller of good, a good with absolutely, positively no substitutes. The product is absolutely, certifiably unique. It's not just that it has no CLOSE substitutes, it has NO substitutes. Period. End of story. In the real world, however, every product, no matter how seemingly unique it might appear, has substitutes. The substitutes might not be very close. They might be really, really bad substitutes. But they are substitutes. As such, there are no pure monopolies in the real world.

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Lesson Contents
Unit 1: The Concept
  • What It Is
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Doing More
  • Expenditures
  • Consumption Expenditures
  • Investment Expenditures
  • Government Purchases
  • Net Exports
  • Unit 2 Summary
  • Unit 3: The Curve
  • Highlights
  • Slope
  • Real-Balance Effect
  • Interest-Rate Effect
  • Net-Export Effect
  • Unit 3 Summary
  • Unit 4: Determinants
  • Instability
  • Shifts: Increase
  • Shifts: Decrease
  • Unit 4 Summary
  • Unit 5: Policies Plus
  • Business Cycles
  • Policies
  • Unit 5 Summary
  • Course Home
    Aggregate Demand

    This lesson introduces aggregate demand, the demand-side of the aggregate market. The aggregate market is the key model used to explain and analyze the workings of the macroeconomy and aggregate demand is a critical half of this model (the other is aggregate supply). Taking a clue from market demand, this lesson examines the nature of aggregate demand, including the relation between the price level and aggregate expenditures, the reason the aggregate demand curve is negatively sloped, and the assorted aggregate demand determinants that cause the aggregate demand curve to shift.

    • The first unit of this lesson introduces the concept of aggregate demand and how it fits into the study of macroeconomics in terms of the aggregate market and circular flow.
    • In the second unit, we example the four aggregate expenditures -- consumption, investment, government purchases, and net exports -- the make up aggregate demand.
    • The third unit then examines the aggregate demand curve that captures the aggregate demand relation between the price level and aggregate expenditures, especially the importance of the real-balance, interest-rate, and net-export effects.
    • A look at the assorted aggregate demand determinants that shift the aggregate demand curves is the topic of the fourth lesson.
    • We end this lesson in the fifth unit with a look how demand-management policies work to stabilize business cycles through aggregate demand.

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    RESOURCE PRICES, SUPPLY DETERMINANT

    The prices of the resource inputs that affect production cost and the ability to sell a particular good, which are assumed constant when a supply curve is constructed. An increase in resources prices causes a decrease in supply and a decrease in resource prices causes an increase in supply. Resources prices are one of five supply determinants that shift the supply curve when they change. The other four are production technology, other prices, sellers' expectations, and number of sellers.

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    Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for slow moving vehicles with darkened windows.
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