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KEYNESIAN RANGE: The horizontal segment of the Keynesian aggregate supply curve that reflects rigid prices and wages. Shifts of the aggregate demand curve in this range lead to changes in the aggregate output, but not changes in price level. Such results are consistent with Keynesian economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the classical range and the intermediate range.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 1 of 22

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Economic activity can be separated according to the four basic macroeconomic sectors--household, business, government, and foreign. The circular flow model helps us analyze the interaction among these sectors.

The circular flow is a model of the continuous production and consumption interaction among the four major sectors (household, business, government, and foreign), that takes place through the three aggregated macroeconomic markets (product, factor and financial).

  • The circular flow is a simple model that helps us understand the complex real world economy.

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AVERAGE REVENUE CURVE, MONOPOLY

A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for malfunctioning pocket calculators.
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The average length of a "business lunch" is about 36 minutes.
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