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INELASTIC DEMAND: Relatively large changes in demand price cause relatively smaller changes in quantity demanded. Inelastic demand means that changes in the quantity demanded are not very responsive to changes in the demand price. An inelastic demand has a coefficient of elasticity less than one (the negative value is ignored). You might want to compare inelastic demand to elastic demand, inelastic supply, and elastic supply.

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KEYNESIAN DISEQUILIBRIUM: The state of the Keynesian model in which aggregate expenditures are not equal to aggregate production, which results in an imbalance that induces a change in aggregate production. In other words, the opposing forces of aggregate expenditures (the buyers) and aggregate production (the sellers) are out of balance. At the existing level of aggregate production, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the production that they seek or producers are unable to sell all of the production that they have.

     See also | Keynesian model | Keynesian equilibrium | two-sector Keynesian model | three-sector Keynesian model | four-sector Keynesian model | recessionary gap, Keynesian model | inflationary gap, Keynesian model | injections-leakages model | multiplier | fiscal policy | equilibrium | market disequilibrium | Keynesian economics | Keynesian cross | aggregate expenditures | aggregate expenditures line | 45-degree line | gross domestic product | macroeconomic sectors | macroeconomic markets | change in private inventories | expansionary fiscal policy | contractionary fiscal policy | automatic stabilizers | injections | leakages | Keynesian cross and aggregate market | expenditures multiplier | accelerator principle | paradox of thrift | aggregate market analysis | business cycles | disequilibrium, aggregate market |


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KEYNESIAN DISEQUILIBRIUM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 27, 2022].


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LONG RUN, MICROECONOMICS

In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.

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