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BUYERS' EXPECTATIONS: One of the five demand determinants assumed constant when a demand curve is constructed, and that shift the demand curve when they change. The other four are income, preferences, other prices, and number of buyers. If buyers expect the future price will be greater, then they're likely to buy more today, to avoid the higher future price. Alternatively, if buyers expect a lower future price, then they're likely to buy less today, awaiting the lower price. A higher future price induces an increase in demand and a lower future price induces a decrease in demand.

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Lesson 16: Aggregate Shocks | Unit 3: Basic Shifts Page: 8 of 21

Topic: AD Increase: Long Run <=PAGE BACK | PAGE NEXT=>

The long-run equilibrium is given by the intersection of the negatively-sloped AD curve and the vertical LRAS.
  • An increase in AD results in a new long-run equilibrium.
  • At the new equilibrium, real production does not change, it stays at Qf. The price level increases from Po to P1.
  • We're missing a lot of short-run action that occurs as we go from one long-run equilibrium to another.

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L

A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for cardboard boxes.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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PVCF
Present Value Cash Flow
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