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UNFAIR COMPETITION: A wide assortment of business practices that are deceptive and dishonest, and usually hamper competition. Examples of unfair competition include false or misleading advertising, price discrimination, bribery, and even industrial espionage. These practices and many, many more are illegal according to antitrust law, specifically the Federal Trade Commission Act (1914).

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 13 of 21

Topic: AD <=PAGE BACK | PAGE NEXT=>

Our analysis of AD-curve-induced aggregate market adjustment from one equilibrium to another is more complex when we include the self-correction mechanism from the short run to the long run.

Two cases:

  • Aggregate demand increases.
  • Aggregate demand decreases.

The complex adjustment is a two step process:

  • First: The AD curve shifts, which leads to a short-run equilibrium and moves the aggregate market away from the long-run equilibrium.
  • Second: Wages adjust to achieve equilibrium in the labor market--eventually--which changes production costs, shifts the SRAS, and restores long-run equilibrium.

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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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BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"There is no point at which you can say, „Well, I'm successful now. I might as well take a nap.¾"

-- Carrie Fisher, actress, writer

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