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June 14, 2025 

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AGGREGATE DEMAND DETERMINANTS: An assortment of ceteris paribus factors that affect aggregate demand, but which are assumed constant when the aggregate demand curve is constructed. Changes in any of the aggregate demand determinants cause the aggregate demand curve to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate demand curve to shift, it's usually most convenient to group them into the four, broad expenditure categories -- consumption, investment, government purchases, and net exports. The reason is that changes in these expenditures are the direct cause of shifts in the aggregate demand curve. If any determinant affects aggregate demand it MUST affect one of these four expenditures.

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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.

     See also | efficiency | satisfaction | resources | scarcity | opportunity cost | market failures | market control | public good | externalities | information | good types | public choice | bureaucracy | principal-agent problem | special interest group | rational abstention | government functions | fourth rule of competition | fifth rule of imperfection | sixth rule of ignorance |


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AVERAGE FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.

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