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VARIABLE: A quantity, usually represented as a symbol, that can take on one of a set of values. Variables play a key role in the scientific method and economic analysis. A major task undertaken by the study of economics is to identify the specific value of variables such as price, quantity, unemployment, production, wages, income, among a host of others. This often accomplished using assorted models, such as the market model.

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Lesson 7: Market | Unit 4: Adjustment Page: 13 of 22

Topic: Self-Correction <=PAGE BACK | PAGE NEXT=>

Markets have a built-in self correction mechanism:
  • If a market is at equilibrium, it remains there.
  • If a market is not at equilibrium, it moves to equilibrium.
  • A market does not need someone (like government) controlling it to ensure that it reaches equilibrium.
Three price alternatives:
  • At equilibrium, nothing changes.
  • Below equilibrium, a shortage.
  • Above equilibrium, a surplus.
  • By creating shortages and surpluses, non-equilibrium prices induce the price to change. These changing prices move the market back to equilibrium.

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AVERAGE REVENUE PRODUCT CURVE

A curve that graphically illustrates the relation between average revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit revenue at each level of the variable input. The average revenue product curve is one of two related curves often used in the analysis of factor demand. The other, and more important, is marginal revenue product curve.

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Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for poorly written technical manuals.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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