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PERFECTLY ELASTIC: An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. In other words, quantity is hyper, super, infinitely responsive to price. Any change in price, no matter how small triggers an infinite change in quantity. Perfectly elastic should be compared with other elasticity alternatives--perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.

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Lesson 8: Market Shocks | Unit 5: Cause and Effect Page: 20 of 20

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  • The important role of ceteris paribus in the study of the market, which allows us to isolate particular changes in the demand and supply determinants.
  • The six steps for market adjustment and why the sequence of the cause and effect links is an essential element in economic analysis.


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CPI AND GDP PRICE DEFLATOR

The Consumer Price Index (CPI) and the GDP price deflator represent two alternative measures of the economy's price level and the inflation rate. The CPI is reported more often (monthly versus quarterly), but the GDP price deflator is a broader measure of the price level (all final production versus urban consumption). While the CPI is better known, economists tend to prefer the accuracy of the GDP price deflator.

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APLS

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for the happiest person in the room.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

BPEA
Brookings Papers on Economic Activity
A PEDestrian's Guide
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