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AGGREGATE SUPPLY CURVE: A graphical representation of the relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. There are actually two separate aggregate supply curves, one for the long run and one for the short run. These aggregate supply curves are one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate demand curve.
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MONOPOLY AND PERFECT COMPETITION: Monopoly and perfect competition represent two extremes along a continuum of market structures. At the one extreme is perfect competition, representing the ultimate of efficiency achieved by an industry that is, well, perfectly competitive. Monopoly, at the other extreme, represents the ultimate of inefficiency brought about by the total lack of competition. You can't have less competition than a single firm selling a good. See also | monopoly | perfect competition | efficiency | monopoly and efficiency | inefficiency |
Recommended Citation:MONOPOLY AND PERFECT COMPETITION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: April 1, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: monopoly and perfect competition
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SELF CORRECTION, AGGREGATE MARKET The automatic process in which the aggregate market adjusts from short-run equilibrium to long-run equilibrium. Self-correction results through shifts of the short-run aggregate supply curve caused by changes in wages (and other resource prices). The self-correction mechanism acts to close both recessionary gaps and inflationary gaps. The short-run aggregate supply curve increases (shifts rightward) due to lower wages to close a recessionary gap and decreases (shifts leftward) due to higher wages to close an inflationary gap.
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Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for telephone calls from former employers.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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