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PERFECT PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed first-degree price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.

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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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MARGINALLY-ATTACHED WORKERS

People who are willing and able to work, who have either held a job or searched for employment within the last year, but are not actively seeking employment. Discouraged workers, people who are willing and able to engage in productive activities, but due to their overwhelming lack of success believe that any effort to find a job will be fruitless so they have stopped seeking employment, fall within this broader category of marginally-attached workers. People can be marginally attached to the labor force for a variety of reasons, discouraged workers, in contrast, achieve their designation specifically because they believe search efforts are not worthwhile.

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