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UNANIMITY RULE: A voting rule in which decisions are made based on unanimous approval of those casting votes. That is, every voter must cast the same vote. Unanimity is used in elections where there is no room for doubt or disagreement. The most common example is court cases where a jury must vote unanimously for conviction or acquittal. Private clubs also employ unanimity vote when admitting new members. This is one of several voting rules. Others include majority, super majority, and plurality.

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Lesson 15: Aggregate Market | Unit 4: Self Correction Page: 17 of 22

Topic: Recessionary Gap <=PAGE BACK | PAGE NEXT=>

The aggregate market can automatically reach long-run equilibrium by closing a recessionary gap.

Key points:

  • Short-run equilibrium is at the intersection of the AD and the SRAS (SRo) curves.
  • The initial short-run price level is Po, and real production is Qo.
  • Short-run equilibrium is to the left of the full employment production, Qf.
  • We have a recessionary gap.
  • As wages fall, production cost decreases which increases short-run aggregate supply.
  • The SRAS curves shift to reach the full employment level at the intersection of the LRAS and AD curves.

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MARGINAL RETURNS

The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.

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