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NUMBER OF SELLERS: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are resource prices, technology, other prices, and sellers' expectations. This determinant is based on the simple observation that if more people are willing and able to sell a good, then supply is greater.

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Lesson 14: Aggregate Supply | Unit 2: Two Options Page: 5 of 20

Topic: Long Run <=PAGE BACK | PAGE NEXT=>

In the long run all prices are flexible, which ensures that all markets are in equilibrium.
  • Prices rise to eliminate market shortages and fall to eliminate market surpluses, resulting in equilibrium.
  • Equilibrium in the labor market is particularly important:
    • In the long run, the labor market is characterized by both flexible prices and full employment.
    • The economy is operating on the boundary of the production possibilities curve.
  • The time it takes prices to adjust to correct market disequilibrium and get to the long run is critical to the study of macroeconomics and government policies.

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AGGREGATE EXPENDITURES LINE

A graphical depiction of the relation between aggregate expenditures by the four macroeconomic sectors (household, business, government, and foreign) and the level of aggregate income or production. In Keynesian economics, the aggregate expenditures line is the essential component of the Keynesian cross analysis used to identify equilibrium income and production. Like any straight line, the aggregate expenditures line is characterized by vertical intercept, which indicates autonomous expenditures, and slope, which indicates induced expenditures. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking investment, government purchases, and net exports to the consumption line.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for cardboard boxes.
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