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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 3: Supply Curve Page: 10 of 19

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The area above the supply curve is the supply space.
  • The curve represents the minimum price that sellers would be willing to accept.
  • Sellers would be willing to accept more than the supply price on the supply curve, but not less.
Use your mouse arrow to highlight the supply curve and the supply space on this graph.

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INDUSTRY

A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for slow moving vehicles with darkened windows.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

IJIO
International Journal of Industrial Organization
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