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INJECTIONS-LEAKAGES MODEL: A model used in Keynesian economics based on the equality of non-consumption expenditures (or injections) and non-consumption uses of income (leakages). On one side of the equality is saving, taxes, and imports -- the non-consumption leakages. On the other side of the equality is investment, government purchases, and exports -- the non-consumption injections. The injection-leakage model provides an alternative to the Keynesian cross for identifying equilibrium aggregate output.

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Lesson 19: Monopolistic Competition | Unit 5: Evaluation Page: 20 of 22

Topic: The Good: Differences <=PAGE BACK | PAGE NEXT=>

  • While monopolistic competition is inefficient and has excess capacity, all is not bad:

    • Competition Among the Many: Although monopolistic competition is not perfect competition, it is competition.

    • Price and Marginal Cost: While monopolistic competition does not produce the quantity that equates price and marginal cost, the difference is often NOT very big.

    • Different Preferences: Because monopolistic competition firms offer different products, buyers are able to satisfy different tastes and preferences.

  • Monopolistic competition may actually be a BETTER market structure than perfect competition -- at least better for real world people who live in the real world.


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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for crowded shopping malls.
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