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AGGLOMERATION: The clustering of several similar or related activities at the same location. Many industries have firms that tend to agglomerate, that is, locate very close to one another, leading to geographic concentration. For example, the motion picture industry is concentrated in California, the fashion industry is concentrated in New York, and the petroleum industry is concentrated in Texas. Agglomeration can be caused by accessibility to a concentrated natural resource (such as petroleum or sunny weather), but if often feeds upon itself through agglomeration economies. Firms in the same industry often have lower production cost when the located near their competitors.

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 12 of 22

Topic: Long Run Disequilibrium: Too High <=PAGE BACK | PAGE NEXT=>

We can see what happens if the price level is not at the long-run equilibrium price level of Pe. If price level is the too high the supply of real production is greater than demand. We have surpluses in product markets throughout the economy. Market prices decrease and so too does the price level. Aggregate expenditures then increase to reach full employment.

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SECOND-DEGREE PRICE DISCRIMINATION

A form of price discrimination in which a seller charges different prices for different quantities of a good. This also goes by the name block pricing. Second-degree price discrimination is possible because decidedly different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.

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Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for rusty deck screws.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. "

-- Sir Francis Bacon, philosopher

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