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FLEXIBLE PRICES: The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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Lesson 3: Scarcity | Unit 3: Opportunity Cost Page: 10 of 17

Topic: Economic Cost <=PAGE BACK | PAGE NEXT=>

The pervasive problem of scarcity makes opportunity cost fundamental to life itself and to the study of economics.
  • Economists use the term economic cost to mean opportunity cost. They also just use the term cost.
  • Cost is foregone alternative, not necessarily the amount of money paid. Money is a way to keep score. Money is a good way to measure opportunity cost, but not the only way.Two types of opportunity or economic costs:
  • Explicit opportunity cost: Out-of-pocket or accounting cost that involves a money payment.
  • Implicit opportunity cost: Cost that does not involve a money payment.

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CHANGE IN AGGREGATE SUPPLY

A shift of the short-run or long-run aggregate supply curve caused by a change in one of the aggregate supply determinants. In essence, a change in aggregate supply is caused by any factor affecting supply EXCEPT the price level. This is one of two changes related to aggregate supply. The other is a change in real production. A change in aggregate supply is comparable to a change in market supply.

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