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TOTAL FACTOR COST CURVE, MONOPSONY: A curve that graphically represents the relation between total factor cost incurred by a monopsony when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 7 of 24

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Opportunity cost is greater as we produce more calibrators. Why?
  • The law of increasing opportunity cost which says that the opportunity cost of producing a good increases as more and more of the good is produced.
  • Third rule of inequality. All resources are not equally suited to produce all goods.
  • First calibrator (A to B) uses resources best suited for calibrators and least suited for shoes.
  • Tenth calibrator (J to K) uses resources least suited for calibrators and best suited for shoes.
  • As more of a good is produced and supplied, opportunity cost increases.

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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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