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COGNITIVE DISSONANCE: Also called buyer's remorse. This post-purchase behavior is more likely to happen when the purchase is a more expensive one. The consumer may experience some regrets or questioning as to whether the purchase was a good one. This is the fifth step in the decision making process. Marketers can help eliminate this by properly selling the product and doing a follow-up to help reinforce the buyer's "good" decision.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 16 of 20

Topic: Short Run Supply <=PAGE BACK | PAGE NEXT=>

The short-run aggregate supply (SRAS) curve is related to the price level, and this relation depends on production cost.
  • An increase in production cost decreases aggregate supply and shifts the SRAS leftward.
  • A decrease in production cost increases aggregate supply and shifts the SRAS rightward.
Key production cost changes:
  • Wages: Wages shift the SRAS from adjustments in workers perceptions of the current price level and expectations about future prices.
  • Material Cost: Key economy-wide resources, like oil, can cause the SRAS to shift through big changes in price.

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DEMAND DECREASE

A decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward shift of the demand curve. A decrease in demand is caused by a change in a demand determinant and results in a decrease in equilibrium quantity and a decrease in equilibrium price. A demand decrease is one of two demand shocks to the market. The other is a demand increase.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for slightly overweight pizza delivery guys.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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