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LERNER INDEX: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The Lerner index is usually taken as an indicator of market power because the larger the index, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The Lerner index depends on the elasticity of demand. The Lerner index is also called the price-cost margin.

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Lesson 13: Aggregate Demand | Unit 4: Determinants Page: 16 of 22

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Expenditures by the household, business, government and foreign sector change over time, causing instability in the economy.
  • Economic instability found in complex economies, business cycles, can be traced to shifts of the aggregate demand curve.
  • The ceteris paribus determinants of the aggregate demand curve are those things that disrupt equilibrium, and lead to macroeconomic instability.
Aggregate demand determinants are things, other than the price level, that affect aggregate demand.

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PLANNED ECONOMY

An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. A planned economy is often a type of command economy, in which government uses its coercive powers to implement central planning allocation decisions.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for broken fingernail clippers.
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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.
"Good judgment comes from experience, and often experience comes from bad judgment."

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