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July 15, 2018 

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AGGREGATE DEMAND: The total (or aggregate) real expenditures on final goods and services produced in the domestic economy that buyers would willing and able to make at different price levels, during a given time period (usually a year). Aggregate demand (AD) is one half of the aggregate market analysis; the other half is aggregate supply. Aggregate demand, relates the economy's price level, measured by the GDP price deflator, and aggregate expenditures on domestic production, measured by real gross domestic product. The aggregate expenditures are consumption, investment, government purchases, and net exports made by the four macroeconomic sectors (household, business, government, and foreign).

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CONSUMER EQUILIBRIUM: The condition that exists when the last dollar spent on one good provides the same marginal utility as the last dollar spent on every other good. In consumer equilibrium, you allocate income between the purchase of different goods in such a way that you cannot increase your level of utility, that is, you have achieved utility maximization. In indifference curve analysis, this occurs where the budget line is tangent to the highest reachable indifference curve. With this consumption bundle, the ratio of prices is equal to the ratio of marginal utilities. This means that the willingness of the consumer to trade one good for the other is exactly the same as the ability to trade the two goods in the market.

     See also | marginal utility | utility | consumer demand theory | utility maximization | budget line | indifference curve |


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AVERAGE REVENUE, MONOPOLISTIC COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.

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