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AGRARIAN: A term signifying a connection to farming, agricultural production, or the land. Agrarian is often used as a modifier for other terms, such as agrarian society (an economy that relies heavily on agricultural production), agrarian society (a society based on the institutions that emerge from a heavy reliance on agricultural production), or agrarian movement (a political movement designed to product agricultural production). Because farming was one of the first and remains one of the most fundamental activities undertaken by even the most primitive society, agrarian is typically associated with less developed, as in the phrase a "less developed, agrarian nation."

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Lesson 13: Aggregate Demand | Unit 3: The Curve Page: 13 of 22

Topic: Interest-Rate Effect <=PAGE BACK | PAGE NEXT=>

Changes in the interest rate can alter consumption and investment spending.

Changes in the investment and consumption spending that occur when changes in the price level cause changes in the interest rate is the interest-rate effect.

  • Investment and consumption expenditures are made with borrowed funds. The interest rate affects the cost of borrowing these funds.
  • The price level affects the interest rate:
    • A higher price level induces a higher interest rate, which raises the cost of borrowing and discourages investment and consumption.
    • A lower price level induces a lower interest rate, which reduces the cost of borrowing and encourages investment and consumption.

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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS

The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).

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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for telephone calls from long-lost relatives.
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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.
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