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CLASSICAL AGGREGATE SUPPLY CURVE: A graphical representation of the classical economic view of the relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The classical aggregate supply curve is a vertical line that reflects the classical view that the macroeconomy has flexible prices and maintains full employment. This aggregate supply is essentially the long-run aggregate supply curve used in modern aggregate market analysis. It should be compared with the Keynesian aggregate supply curve.

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FOUR-SECTOR KEYNESIAN MODEL: A model used to identify equilibrium in Keynesian economics based on aggregate expenditures by all four sectors (household, business, government, and foreign). Equilibrium is achieved at the intersection of the aggregate expenditures line, AE = C + I + G + (X - M), and the 45-degree line, Y = AE. This is the complete Keynesian aggregate expenditures model can be used to analyzed the impact of the foreign sector on aggregate expenditures and equilibrium.

     See also | Keynesian economics | Keynesian equilibrium | consumption line | aggregate expenditures line | 45-degree line | household sector | business sector | government sector | foreign sector | fiscal policy | two-sector Keynesian model | three-sector Keynesian model |


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FOUR-SECTOR KEYNESIAN MODEL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 9, 2018].


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AVERAGE REVENUE

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. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.

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