March 23, 2018 

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CLASSICAL RANGE: The vertical segment of the Keynesian aggregate supply curve that reflects the independence of full-employment aggregate output (or gross domestic product) to the price level. Shifts of the aggregate demand curve in this range lead to changes in the price level, but not changes in aggregate output. Such results are consistent with classical economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the Keynesian range and the intermediate range.

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Lesson 6: Supply | Unit 1: Selling Basics Page: 1 of 19

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The concept of supply parallels the concept of demand. It too is fundamental to the study of the market and economics. It is the second of the two sides of the market that we'll study.

A definition:

Supply is the willingness and ability to sell a range of quantities of a good at a range of prices, during a given time.

Like demand we have three points:

  • Willingness and ability.
  • Range of quantities and prices.
  • A given time period.

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A given proportional change in all resources in the long run results in a proportional greater change in production. Increasing returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by a given proportion (say 10 percent) and output increases by more than this proportion (that is more than 10 percent). This is one of three returns to scale. The other two are decreasing returns to scale and constant returns to scale.

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