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MARGINAL FACTOR COST, MONOPSONY: The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 19 of 21

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  • How the self-correction mechanism moves the aggregate market from short-run equilibrium to long-run equilibrium.
  • That the analysis of the shifts of the AD and SRAS curves are only the start of a process that becomes more complex when we include self-correcting shifts of the SRAS.
  • The two adjustment stages triggered by shifts of the AD curve. First, the shift of the AD curve. Second, the self-correcting shift of the SRAS curve.
  • The two adjustment stages triggered by shifts of the SRAS curve. First, the shift of the SRAS curve. Second, the self-correcting shift of the SRAS curve that returns the aggregate market back to it's original position.

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ASYMMETRIC INFORMATION

Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for the happiest person in the room.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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