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MARKET-CLEARING PRICE: The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clear price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 12 of 21

Topic: Rule Of Consumer Equilibrium <=PAGE BACK | PAGE NEXT=>

  • The rule of consumer equilibrium states that consumers maximize utility by equating the marginal utility obtained from the LAST DOLLAR spent on each good.

  • Another way of stating this rule is through the ratios of marginal utility to price (MU/P).
  • The marginal utility-price ratios for all goods are equal.

  • MU/P for good 1 = MU/P for good 2


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LEAKAGES

Non-consumption uses of aggregate income. The three uses of income grouped under the heading of leakages are saving, taxes, and imports. Leakages subtract from the core circular flow containing consumption, production, and income. The injections-leakages model is a Keynesian economics analysis that combines leakages with injections (investment expenditures, government purchases and exports) to identify the equilibrium level of aggregate production and income.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for strangers with large satchels of used undergarments.
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John Maynard Keynes was born the same year Karl Marx died.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

CIFCI
Cost, Insurance, Freight, Commission and Interest
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