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LEGAL FORCES: Forces in the marketing environment that are shaped by government laws affecting business. These are very similar to political forces. Once laws are enacted they are usually very difficult to change. Many companies work hard at lobbying legislatures, Congress, and other elected to pass laws favorable to the company's best interests.

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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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PERFECT COMPETITION, EFFICIENCY

Perfect competition is an idealized market structure that achieves an efficient allocation of resources. This efficiency is achieved because the profit-maximizing quantity of output produced by a perfectly competitive firm results in the equality between price and marginal cost. In the short run, this involves the equality between price and short-run marginal cost. In the long run, this is seen with the equality between price and long-run marginal cost at the minimum efficient scale of production.

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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for poorly written technical manuals.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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