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PERFECT COMPETITION, LOSS MINIMIZATION: A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).

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Lesson 16: Aggregate Shocks | Unit 3: Basic Shifts Page: 7 of 21

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

There are two directions that the aggregate demand curve can shift:
  • An increase in aggregate demand is a rightward shift of the AD curve.
  • A decrease in aggregate demand is a leftward shift of the AD curve.

And we have the AD curve shifting in two versions of the aggregate market, long run and short run.

This gives us four basic curve-shifting alternatives:

  • An increase, with the long-run aggregate market.
  • A decrease, with the long-run aggregate market.
  • An increase, with the short-run aggregate market.
  • A decrease, with the short-run aggregate market.

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ENTREPRENEURSHIP

A special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and land.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for slightly overweight pizza delivery guys.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"Act well at the moment, and you have performed a good action for all eternity."

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