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QUANTITY: In a market, the amount of a good that is bought, sold, or traded among buyers and sellers. In a standard market diagram, quantity is displayed on the horizontal axis.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 13 of 21

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In this unit, you should have learned about:
  • How a consumer maximizes utility by selecting between the consumption of two goods.
  • That buyers will choose between two goods based on the marginal utility of each.
  • Why buyers are faced with a constrained utility maximization decision based on prices and limited income.
  • Alternative choices faced by a consumer that may or may not maximize utility.
  • The rule of consumer equilibrium that states two goods are consumed until the marginal utilities generated by the last dollar are equal.

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MARGINAL PROPENSITY FOR GOVERNMENT PURCHASES

The change in government purchases induced by a change in income or production (national income or gross domestic product). The marginal propensity for government purchases (abbreviated MPG) is another term for the slope of the government purchases line and is calculated as the change in government purchases divided by the change in income or production. The MPG plays a role in Keynesian economics. It augments the slope of the aggregate expenditures line and is part of the multiplier process. A related marginal measure is the marginal propensity to consume.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for telephone calls from former employers.
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Lombard Street is London's equivalent of New York's Wall Street.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

RGDP
Real Gross Domestic Product
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