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INDUCED IMPORTS: Imports from the foreign sector that depend on domestic income or production (especially national income and gross domestic product). That is, changes in income induce changes in imports. Induced imports are measured by the marginal propensity to import (MPM) and are reflected by a positive slope of imports line. Induced imports are the reason for induced net exports, generating a negatively sloped net exports line. Autonomous net exports are due to a combination of autonomous exports and autonomous imports.

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DEMAND AND SUPPLY INCREASE: A simultaneous increase in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a rightward shift of the demand curve, and an increase in the willingness and ability of sellers to sell a good at the existing price, illustrated by a rightward shift of the supply curve. When combined, both shifts result in an increase in equilibrium quantity and an indeterminant change in equilibrium price.

     See also | demand and supply decrease | demand increase and supply decrease | demand decrease and supply increase | demand decrease | supply decrease | demand shock | supply shock | demand decrease | supply increase | demand determinants | supply determinants | demand curve | supply curve | comparative statics | ceteris paribus | economic analysis | graphical analysis | market equilibrium | change in demand | change in supply | price ceiling | price floor | market equilibrium, graphical analysis | aggregate market shocks |


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MONOPOLISTIC COMPETITION, CHARACTERISTICS

The four key characteristics of monopolistic competition are: (1) large number of small firms, (2) similar but not identical products sold by the firms, (3) relative freedom of entry into and exit out of the industry, and (4) extensive knowledge of prices and technology.

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