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LONG-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product, financial, and resource markets are in equilibrium simultaneously. This condition is made possible by flexible wages and prices and is represented by the intersection of the AD (aggregate demand) curve and the LRAS (long-run aggregate supply) curve.
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AGGREGATE SUPPLY SHIFTS Changes in the aggregate supply determinants shift both the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. There are two options--an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource price shifts one or both of the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource price shifts one or both of the aggregate supply curves to left.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at an auction hoping to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for the last item on a shelf.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. " -- Mark Twain, writer
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EJ
Economic Journal
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