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DEMAND INCREASE AND SUPPLY DECREASE: A simultaneous increase in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a rightward shift of the demand curve, and a decrease in the willingness and ability of sellers to sell a good at the existing price, illustrated by a leftward shift of the supply curve. When combined, both shifts result in an indeterminant change in equilibrium quantity and an increase in equilibrium price.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 10 of 22

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  • How the equilibrium concept is applied to the aggregate market.
  • The three macroeconomic markets that are relevant to macroeconomic equilibrium--product, financial, and resource markets.
  • How long-run equilibrium exists when all three aggregated markets--product, financial, resource--are in equilibrium.
  • How short-run equilibrium results when the product and financial markets are in equilibrium, but the resource market is not.
  • The long-run equilibrium as a moving target that is always pursued, but seldom reached.

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AVERAGE REVENUE CURVE, MONOPOLY

A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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