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INCOME EFFECT: One of two reasons for the law of demand and the negative slope of the market demand curve (the other is the substitution effect). The income effect results because a change in price gives buyers more real income, or the purchasing power of the income, even though money or nominal income remains the same. This causes changes in the quantity demanded of the good.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 6 of 20

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

Five basic supply determinants:
  • Resource prices: Higher prices of inputs such as labor, land, and raw material, decrease supply.
  • Technology: Improved technology means an increase in supply.
  • Prices of other goods: An increase in the price of a substitute-in-production, decreases supply. An increase in the price of a complement-in-production, increases supply.
  • Seller's expectations: If sellers expect higher prices tomorrow, they decrease supply today.
  • Number of sellers: More sellers mean more supply.

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AVERAGE REVENUE

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.

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Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for malfunctioning pocket calculators.
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The average length of a "business lunch" is about 36 minutes.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

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