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A PRIORI: A presumption made before an analysis is undertaken, often based on experiences, beliefs, or deductions from seemingly self-evident propositions about how the world works. This is a Latin for assumption or axiom. A similar sounding, but opposite term is a posteriori, which is derived from observation or facts. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", because that just seems to be part of human nature, and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.
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Lesson 14: Aggregate Supply | Unit 4: Determinants
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Page: 12 of 20
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The shifts in the aggregate supply curves are usually small, steady, and readily expected.- The supply-side of the aggregate market is usually the perfect picture of stability.
- Most of economy's instability result from instability on the demand side of the aggregate market.
- Shifts of the aggregate supply curve are due to ceteris paribus determinants.
- The supply determinants are things, other than the price level, that affect aggregate supply.
Both, short-run aggregate supply and long-run aggregate supply curves, can increase or decrease.In both, long run and shot run: - An increase shifts the aggregate supply curve to right.
- It means that producers are willing and able to offer more real production for sale at any and all price levels.
- A decrease shifts the aggregate supply curve to left.
- It means that producers are willing and able to offer less real production for sale at any and all price levels.
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AVERAGE FACTOR COST AND MARGINAL FACTOR COST A mathematical connection between average factor cost and marginal factor cost stating that the change in the average factor cost depends on a comparison between average factor cost and marginal factor cost. For perfect competition, with no market control, marginal factor cost is equal to average factor cost, and average factor cost does not change. For monopsony and other firms with market control, marginal factor cost is greater than average factor cost, and average factor cost rises.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for broken fingernail clippers.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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ACCR
Annual Cost of Capital Recovery
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