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DIRECT: The mathematical notion that two variables change in the same direction, that is, an increase in X goes with an increase in Y, or a decrease in X goes with a decrease in Y. The alternative to a direct relation is an inverse relation, in which an increase in one variable goes with a decrease in the other. Direct relations are graphically illustrated by positively-sloped curves, a common example being the supply curve.

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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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OLIGOPOLY AND MONOPOLISTIC COMPETITION

Oligopoly and monopolistic competition have some similarities, but also have a few important differences. Both are examples of imperfect competition on the market structure continuum between ideals of perfect competition and monopoly. However, oligopoly contains a small number of large firms and monopolistic competition contains a large number of small firms. The dividing line between oligopoly and monopolistic competition can be blurred due to the number of firms in the industry.

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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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