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KINKED-DEMAND CURVE: A demand curve with two distinct segments with different elasticities that join to form a kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is directly based on the interdependent decision-making of oligopolistic firms.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 17 of 20

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  • The rather stable, passive nature of the supply side of the aggregate market--at least when compared to the demand side.
  • How aggregate supply determinants shift the LRAS and SRAS curves, with an increase in aggregate supply moving rightward and a decrease moving leftward.
  • How the LRAS curve shifts from changes in full employment production resulting from changes in the quantity or quality of scarce resources.
  • Some of the ways that quantities of labor, capital, land, and entrepreneurship can change.
  • How resource quality is primarily changed through technology and education.
  • Production cost--especially things like wages and oil prices--as the primary determinant of the SRAS curve.

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BALANCED-BUDGET MULTIPLIER

A measure of the change in aggregate production caused by equal changes in government purchases and taxes. The balanced-budget multiplier is equal to one, meaning that the multiplier effect of a change in taxes offsets all but the initial production triggered by the change in government purchases. This multiplier is the combination of the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the tax multiplier which measures the change in aggregate production caused by changes in taxes.

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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for attractive cable television service repair people.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"There is no point at which you can say, „Well, I'm successful now. I might as well take a nap.¾"

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