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AD CURVE: The aggregate demand curve, which is a graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand, or AD, curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate supply curve (which is actually two curves, the long-run aggregate supply curve and the short-run aggregate supply curve). The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate effect, real-balance effect, and net-export effect.

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PRODUCTION FUNCTION: A mathematical relation between the production of a good or service and the inputs used. A production function is usually expressed in this general form: Q = f(L, K), where Q = quantity of production output, L = quantity of labor input, and K = quantity of capital input.

     See also | total product | input | output | short-run production | production | labor | capital | fixed input | variable input | marginal product curve | average product curve | total product and marginal product | total product and average product | law of diminishing marginal returns |


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OLIGOPOLY, REALISM

Real world markets are heavily populated by oligopoly. About half of all output produced in the U.S. economy each year is done so by oligopoly firms. Other industrialized nations can make a similar claim. Oligopoly markets arise in a wide assortment different industries, ranging from manufacturing to retail trade to resource extraction to financial services.

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