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 DETERMINANTS: Ceteris paribus factors that are held constant when a curve is constructed. Changes in these factors then cause the curve to shift to a new location. The most common determinants are demand determinants for the demand curve (income, preferences, other prices, buyers' expectations, and number of buyers) and supply determinants for the supply curve (resource prices, technology, other prices, buyers' expectations, and number of buyers). Other common curves and their determinants include: production possibilities curve (technology, education and the quantities of labor, capital, land, and entrepreneurship); aggregate demand curve (the four aggregate expenditures of consumption, investment, government purchases, and net exports); and short-run average cost curve (technology, wages, and other production cost).
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 Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 22 of 25

 Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
• The elasticity continuum that ranges from 0 to infinity.
• The five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, perfectly inelastic.
• Perfectly elastic as the alternative in which price is fixed.
• Relatively elastic as the alternative in which small changes in price cause large changes in quantity.
• Perfectly inelastic as the alternative in which quantity is fixed.
• Relatively inelastic as the alternative in which large changes in price cause small changes in quantity.
• Unit elastic as the alternative in which changes in price are matched by changes in quantity.

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MEDIAN VOTER PRINCIPLE

A public choice principle stating that the median voter, the voter with an equal number of votes on either side, determines the outcome of an election by determining which side receives the majority. The preferences of this median vote, thus become the most important preferences addressed by candidates running for election. However, the median voter's preferences might not generate was is best, that is, efficient, for society. Other related voting problems identified by the study of public choice includes the voting paradox, logrolling, and voter apathy (due to rational ignorance and rational abstention).

 GREEN LOGIGUIN[What's This?] Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for letters from the Internal Revenue Service.Your Complete Scope
 A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
 "Do not go where the path may lead, go instead where there is no path and leave a trail."-- Ralph Waldo Emerson