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AGGREGATE SUPPLY SHIFTS: Changes in the aggregate supply determinants can shift either the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. We have two options -- an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource prices shift the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource prices shift the aggregate supply curves to left.

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Lesson 7: Market | Unit 2: The Numbers Page: 6 of 22

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This table combines the demand and supply schedules for 8-track tapes.

The price of tapes ranges from 10 cents to 90 cents. The quantity demanded ranges from 800 tapes to 0 tapes. The quantity supplied ranges form 0 tapes to 800 tapes.

  • Law of demand: As the price increases from 10 to 90 cents, the quantity demanded decreases from 800 tapes to 0 tapes.
  • Law of supply: As the price increases from 10 to 90 cents, the quantity supplied increases from 0 tapes to 800 tapes

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PERFECT COMPETITION, LOSS MINIMIZATION

A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for small children selling products door-to-door.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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