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REGULATORY PRICING: Government control over the price charge in a market, especially by a firm with market control. Price regulation is most commonly used for public utilities characterized as natural monopolies. If allowed to maximize profit without restraint, the price charged would exceed marginal cost and production would be inefficient. However, because such firms, as public utilities, produce output that is deemed essential or critical for the public, government steps in to regulate or control the price. The two most common methods of price regulation are marginal-cost pricing and average-cost pricing.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 8 of 22

Topic: Three Markets <=PAGE BACK | PAGE NEXT=>

The macroeconomy contains three interrelated aggregate markets--product markets, resource markets, and financial markets.

In general, a market is in equilibrium when buyers and sellers come upon a price that generates the same quantity demanded and quantity supplied.

Two macroeconomic notions of equilibrium:

  • Long-run equilibrium: All three aggregate markets achieve equilibrium simultaneously.
  • Short-run equilibrium: Price and wage rigidity prevent equilibrium in the resource markets, even though the aggregate product and financial markets are in equilibrium.

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AGGREGATE DEMAND AND MARKET DEMAND

The aggregate demand curve, or AD curve, has similarities to, but differences from, the standard market demand curve. Both are negatively sloped. Both relate price and quantity. However, the market demand curve is negatively sloped because of the income and substitution effects and the aggregate demand curve is negatively sloped because of the real-balance, interest-rate, and net-export effects.

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