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FIRST-DEGREE PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed perfect price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.
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Lesson 15: Aggregate Market | Unit 5: Policy Preview
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Page: 20 of 22
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It takes time to move the economy from short run equilibrium to long run equilibrium. Two options: - Wait for self-correcting mechanism --> A short-run imbalance in the labor market eventually triggers the steps that move the economy to full-employment production and long-run equilibrium.
- Take immediate steps --> Induced shifts in the AD, SRAS, LRAS curves that would, presumably reach full employment faster than the self-correcting mechanism.
The critical questions remains: - How much time is needed to adjust from the short run to the long run?
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SECOND RULE OF SUBJECTIVITY The second of seven basic rules of the economy, stating that market prices are determined by subjective values and the preferences of buyers and resource owners. Contrary to popular opinion, prices and costs are not immutably facts of nature, but are ultimately based on what people are willing to pay or accept.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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AOM
Australian Options Market
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