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PRICE ELASTICITY OF SUPPLY: The relative response of a change in quantity supplied to a relative change in price. More specifically the price elasticity of supply can be defined as the percentage change in quantity supplied due to a percentage change in supply price. The price elasticity of supply should be contrasted with the price elasticity of demand.

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 13 of 22

Topic: Long Run Disequilibrium: Too Low <=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 low the supply of real production is less than demand. We have shortages in product markets throughout the economy. Market prices increase and so too does the price level. Aggregate expenditures then decrease to reach full employment.

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FRACTIONAL-RESERVE BANKING

A method of banking activity in which banks keep less than 100 percent of their deposits in the form of bank reserves and use the rest for interest-paying loans. Fractional-reserve banking makes it possible for banks to function as profit-seeking financial intermediaries (matching up lenders and borrowers) while ensuring the safety and liquidity of deposits, especially checkable deposits that are part of the economy's money supply.

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