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INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This 'law' is most important to the slope of the production possibilities curve. It generates the convex shape of the curve, making the curve flat at the top and steep at the bottom.

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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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PERFECT COMPETITION, LONG-RUN ADJUSTMENT

A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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