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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 14 of 22

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

Let's identify short-run equilibrium.
  • The negatively-sloped aggregate demand curve, is labeled AD. This curve is the same as in the long run.
  • The SRAS curve is the positively-sloped short-run aggregate supply curve.
  • The short-run aggregate market equilibrium at the intersection of the two curves.
At this short-run equilibrium:
  • The quantities of real production demanded and supplied are equal, buyers and sellers are satisfied, and the price level doesn't change.
  • But, we don't know where full employment is located. This equilibrium might involve a surplus or a shortage in the labor market.

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MANAGED FLEXIBLE EXCHANGE RATE

An exchange rate control policy in which an exchange rate that is generally allowed to adjust to equilibrium levels through to the interaction of supply and demand in the foreign exchange market, but with occasional intervention by government. Also termed managed float or dirty float, most nations of the world currently use a managed flexible exchange rate policy. With this alternative an exchange rate is free to rise and fall, but it is subject to government control if it moves too high or too low. With managed float, the government steps into the foreign exchange market and buys or sells whatever currency is necessary keep the exchange rate within desired limits. This is one of three basic exchange rate policies used by domestic governments. The other two policies are flexible exchange rate and fixed exchange rate.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a revolving spice rack or a how-to book on home repairs. Be on the lookout for strangers with large satchels of used undergarments.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened. "

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