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DETERMINANTS: Ceteris paribus factors that are held constant when a curve is constructed. Changes in these factors then cause the curve to shift to a new location. The most common determinants are demand determinants for the demand curve (income, preferences, other prices, buyers' expectations, and number of buyers) and supply determinants for the supply curve (resource prices, technology, other prices, buyers' expectations, and number of buyers). Other common curves and their determinants include: production possibilities curve (technology, education and the quantities of labor, capital, land, and entrepreneurship); aggregate demand curve (the four aggregate expenditures of consumption, investment, government purchases, and net exports); and short-run average cost curve (technology, wages, and other production cost).

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Lesson 14: Aggregate Supply | Unit 3: The Curves Page: 11 of 20

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  • The vertical long-run aggregate supply curve which graphically illustrates that the price level has no affect on the full employment level of aggregate supply in the long run.
  • The positively-sloped short-run aggregate supply curve which graphically illustrates that the price level does affect aggregate supply in the long run, and that it's possible to change short-run production, above or below full employment, if the price level changes.
  • Similarities and differences between aggregate supply and market supply.

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EXPLICIT COLLUSION

A formal, usually secret, collusion agreement among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the market price, and otherwise act like a monopoly. Also termed overt collusion, the distinguishing feature of explicit collusion is that it involves some sort of agreement among the colluding firms. This is one of two types of collusion. The other is implicit or tacit collusion, which does not involve an explicit agreement.

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