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INFLEXIBLE PRICES: The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible (also termed rigid or sticky) prices are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling somewhere in between.

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Lesson 7: Market | Unit 2: The Numbers Page: 8 of 22

Topic: Equilibrium <=PAGE BACK | PAGE NEXT=>

What would happen if buyers and sellers faced a price of 50 cents?
  • At 50 cents, the quantity demanded is 400 tapes.
  • At 50 cents, the quantity supplied is 400 tapes.
  • The quantity demanded is the same as the quantity supplied at this 50 cent price.
  • This IS equilibrium.
  • This equilibrium price and equilibrium quantity will remain until something else changes.
  • This 50 cent price is the only one that matches the quantity demanded and the quantity supply

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LIMITED LIABILITY

A condition in which owners of a business are not personally held responsible for the debts created by the business. Corporations are the most noted types of business organizations in which owners have limited liability. Limited liability makes it possible for a business to accumulate large sums of money and thus to take advantage of large scale production. The alternative to limited liability is unlimited liability, a characteristic of proprietorships and partnerships.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for malfunctioning pocket calculators.
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The average bank teller loses about $250 every year.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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