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RESOURCE QUANTITY, AGGREGATE SUPPLY DETERMINANT: One of three categories of aggregate supply determinants assumed constant when the short-run and long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quantity causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quantity causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quality and resource price. Specific determinants falling into this general category include population, labor force participation, capital stock, and exploration. Anything affecting the quantity of labor, capital, land, and entrepreneurship is also included.

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Lesson 7: Market | Unit 4: Adjustment Page: 16 of 22

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  • How competitive markets tend to be self-correcting because nonequilibrium prices create shortages and surpluses that move the price back to the equilibrium level.
  • How shortages, with quantity demanded greater then quantity supplied, are created for prices below the equilibrium level.
  • 3. Why a shortage causes price to increase back to the equilibrium level.
  • How surpluses, with quantity demanded less then quantity supplied, are created for prices above the equilibrium level.
  • Why a surplus causes price to decrease back to the equilibrium level.


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KINKED-DEMAND CURVE

A demand curve with two distinct segments which have different elasticities that join to form a corner or kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is based on the interdependent decision-making of oligopolistic firms.

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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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