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VERIFICATION: The hypothesis-testing step of the scientific method. Once an hypothesis is derived from a theory, it must be compared with real world data. This is the verification step. This verification can lead to support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 10 of 24

Topic: Connecting Points <=PAGE BACK | PAGE NEXT=>

Like a constellation in the sky, we will find it convenient to outline an 'image' by connecting the individual points.
  • Connecting our 11 points lets us include other options. These are only 11 of many possibilities.
  • The curve we get is the production possibilities curve. It's also termed the production possibilities frontier for reasons that will become clear as we continue this lesson.
  • Note that the curve is flat at the top and steep at the bottom.

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AGGREGATE SUPPLY INCREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the long-run aggregate supply curve. An increase in aggregate supply in the long-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock is a greater level of full-employment real production.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for deranged pelicans.
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