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COASE THEOREM: A policy proposition, developed by Ronald Coase, that pollution and other externalities can be efficiently controlled through voluntary negotiations among the affected parties (polluters and those harmed by pollution). A key to the Coase theorem is that many pollution problems involve common-property goods that have no clear-cut ownership or property rights. With clear-cut property rights, "owners" would have the incentive to achieve an efficient level of pollution. This theorem states that it doesn't matter who receives the property rights, so long as someone does. Pollution can be reduced through voluntary negotiation by assigning private property rights to common-property resources. If common-property resources are privately owned, a market in property rights can be established. Owners then have the incentive to protect the quality of their resources.

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Lesson 14: Aggregate Supply | Unit 3: The Curves Page: 9 of 20

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

The short-run aggregate supply (SRAS) curve captures the relationship between the price level and the aggregate supply of real production in the short run.
  • GDP deflator, the price level, is measured on the vertical axis. Real GDP, the real production, is measured on the horizontal axis.

Highlights:

  • The SRAS is a positively-sloped line.
  • The positive slope means that higher price levels correspond to greater levels of real production.
  • With rigid prices, the price level does affect the aggregate supply of real production in the short run.

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RESOURCE QUANTITY, AGGREGATE SUPPLY DETERMINANT

One of three categories of aggregate supply determinants assumed constant when the short-run and long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quantity causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quantity causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quality and resource price. Specific determinants falling into this general category include population, labor force participation, capital stock, and exploration. Anything affecting the quantity of labor, capital, land, and entrepreneurship is also included.

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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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