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SAVING-INVESTMENT EQUALITY: A classical economic proposition stating that flexible prices ensure an equality between saving and investment. This equality is essential to obtain the classical economic conclusion that unrestricted markets achieve and maintain full employment. This is one of the three assumptions underlying classical economics. The other two assumptions are flexible prices and Say's law.

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FOURTH RULE OF COMPETITION: The fourth of seven basic rules of the economy. It is the notion that competition among market buyers and sellers generate an efficient allocation of resources. Competition depends on the relative number of buyers and sellers. Fewer numbers give that side of the market relatively more market control and thus limits competition.

     See also | seven rules | market | competition | resource allocation | market control | monopoly | perfect competition | efficiency | competition among the many | competition among the few |


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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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BROWN PRAGMATOX
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