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ASSUMPTIONS, KEYNESIAN ECONOMICS: The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.

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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly Page: 23 of 24

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  • The four curves in this diagram illustrates the boundaries of this negotiation.

  • However, we don't have just a monopsony or just a monopoly, we have a bilateral monopoly.

  • The ultimate price depends on which side is the better negotiator.

  • One of the more intriguing implications of this analysis is for efficiency:

  • While neither monopsony nor monopoly are particular efficient, the price negotiated by a bilateral monopoly is bound to be closer to the perfect competition price than the other two separately.


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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase 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 garage sale seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for deranged pelicans.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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