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CLASSICAL RANGE: The vertical segment of the Keynesian aggregate supply curve that reflects the independence of full-employment aggregate output (or gross domestic product) to the price level. Shifts of the aggregate demand curve in this range lead to changes in the price level, but not changes in aggregate output. Such results are consistent with classical economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the Keynesian range and the intermediate range.

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Lesson 12: Elasticity and Demand | Unit 5: Other Measures Page: 22 of 25

Topic: Price Elasticity Of Supply <=PAGE BACK | PAGE NEXT=>

  • A definition:

  • Price elasticity of supply is the relative response of quantity supplied to changes in supply price.
  • The price elasticity of supply is the percentage change in quantity supplied resulting from a percentage change in supply price.

  • And like demand elasticity can be separated into the five alternatives, so too can supply.

  • These five alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic are presented in this table.

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COMPENSATING WAGE DIFFERENTIALS

Different wages paid to different workers or in different markets that adjust for differences in the jobs or in the productivity of the workers. Wage differentials occur for many reasons. Quite often they are the result of the personal preferences of workers. In some cases workers are willing to "buy" leisure-time or other types of household production by taking lower wages. Differences in job risks, education, and location are also reasons for the persistence of wage differentials.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for small children selling products door-to-door.
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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.
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