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September 19, 2018 

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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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Lesson Contents
Unit 1: Price Taker
  • A Perfect Market
  • Characteristics
  • Revenue
  • Profit Maximization
  • Unit 1 Summary
  • Unit 2: Short-Run Output
  • The Revenue Side
  • The Revenue Numbers
  • The Cost Side
  • Comparing Totals
  • Comparing Marginals
  • Unit 2 Summary
  • Unit 3: Doing Graphs
  • Total Curves
  • Profit Curve
  • Marginal Curves
  • Dividing Revenue
  • Short-Run Alternatives
  • Short-Run Supply
  • Unit 3 Summary
  • Unit 4: Long-Run Equilibrium
  • Long-Run Marginal Cost
  • Adjustment
  • Entry And Exit
  • Equilibrium Conditions
  • Long-Run Supply
  • Unit 4 Summary
  • Unit 5: Evaluation
  • The Good
  • The Bad
  • Market Control
  • Unit 5 Summary
  • Course Home
    Perfect Competition

    • The first unit of this lesson, Price Taker, begins this study with a look at the general structure of a perfectly competitive market.
    • In the second unit, Short-Run Output, we take a look at the short-run production decision faced by a perfectly competitive firm based on the cost and revenue numbers.
    • The third unit, Doing Graphs, then looks at the short-run production decision faced by a perfectly competitive firm using a graphical analysis of cost and revenue.
    • In the fourth unit, Long-Run Equilibrium, we examine the nature of long-run adjustment by a perfectly competition industry when all inputs are variable.
    • The fifth and final unit, Evaluation, then closes this lesson by considering the pros and cons of a perfectly competitive industry.

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    AGGREGATE DEMAND SHIFTS

    Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.

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    Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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    During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
    "When you play, play hard; when you work, don't play at all. "

    -- Theodore Roosevelt, 26th US president

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