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February 19, 2018 

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KINKED-DEMAND CURVE: A demand curve with two distinct segments with different elasticities that join to form a kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is directly based on the interdependent decision-making of oligopolistic firms.

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FREE TRADE: The absence of trade barriers, or restrictions on foreign trade. Based on the notion of comparative advantage, unrestricted trade is generally beneficial to a trading country. However, while consumers benefit through a greater selection of products and lower prices, producers in a country are on the receiving end of lower prices and stiffer competition. In that producers tend to have more political clout than consumers, completely, unhindered free trade is seldom seen in the real world. Numerous trade restrictions such as tariffs, nontariff barriers, and quotas are usually the rule of the day (also the rule of the week, year, decade and century).

     See also | foreign trade | trade barriers | comparative advantage | absolute advantage | competition | tariff | nontariff barrier | quota | second estate | exchange |


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AGGREGATE DEMAND AND MARKET DEMAND

The aggregate demand curve, or AD curve, has similarities to, but differences from, the standard market demand curve. Both are negatively sloped. Both relate price and quantity. However, the market demand curve is negatively sloped because of the income and substitution effects and the aggregate demand curve is negatively sloped because of the real-balance, interest-rate, and net-export effects.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for fairy dust that tastes like salt.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle."

-- Albert Einstein

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