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INFLEXIBLE WAGES: The proposition that some wages adjust slowly in response to labor 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) wages are a key reason underlying the positive slope of the short-run aggregate supply curve.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 7 of 20

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  • How shifts in the demand and supply curves are caused by changes in their respective determinants.
  • That a decrease in demand and a decrease in supply both are leftward shifts and that an increase in demand and an increase in supply are both rightward shifts.
  • The effects of the five basic demand determinants: Income, tastes, prices of other goods, buyer's expectations and number of buyers.
  • The effects of the five basic supply determinants: resource prices, technology, prices of other goods, seller's expectations and number of sellers.


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AVERAGE REVENUE PRODUCT

Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.

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Today, you are likely to spend a great deal of time watching infomercials trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for cardboard boxes.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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