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PERFECT COMPETITION AND SHORT-RUN SUPPLY CURVE: A perfectly competitive firm's supply curve is that portion of its' marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along it's marginal cost curve in response to alternative prices. Because the marginal cost curve is positively sloped due to the law of diminishing marginal returns, the firm's supply curve is also positively sloped.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 6 of 22

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  • The notion of the aggregate market as an analytical tool used for understanding the macroeconomy.
  • Combining the two sides of the aggregate market, aggregate demand and aggregate supply.
  • The two aspects of the macroeconomy analyzed with the aggregate market--the price level and real production.
  • The two basic problems that can be examined with the aggregate market--unemployment and inflation.

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POLITICAL ENTREPRENEURS

Election seeking politicians who undertake risks inherent in the allocation of resources made through government actions. Like business entrepreneurs, political entrepreneurs take risks and organize production. They organize production with government laws, regulations, and policies. They run the risk of failed policies and losing elections. Their utility-maximizing actions are also a prime source of government failure. Falling victim to the principal-agent problem, pursuit of their own satisfaction (winning elections) often conflicts with what is best for the rest of society.

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for the last item on a shelf.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

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