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INFLATIONARY GAP, KEYNESIAN MODEL: The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is greater than full-employment aggregate production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion. The prescribed Keynesian remedy for an inflationary gap is contractionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is a recessionary gap.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 14 of 25

Topic: Changing Elasticity <=PAGE BACK | PAGE NEXT=>

  • The price elasticity of demand for a demand curve with a constant slope varies over the entire range of the elasticity continuum:

    • The perfectly elastic range, or rather point, is the intersection between the demand curve and the vertical price axis.

    • The relatively elastic range is the "upper" half of the demand curve between midpoint and the vertical price axis.

    • The unit elastic range, or point, is the exact midpoint that divides the demand curve into two equal segments.

    • The relatively elastic range is the "lower" half of the demand curve between midpoint and the horizontal quantity axis.

    • The perfectly inelastic range, or point, is intersection between the demand curve and the horizontal quantity axis.

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MACROECONOMIC MARKETS

Three sets of markets that make up the macroeconomy--product, financial, and resource--which exchange the three primary types of macroeconomic commodities--gross production, legal claims, and factor services. The four macroeconomic sectors--household, business, government, and foreign--interact through these three sets of markets. The primary objective of macroeconomic theories is to explain activity that takes place in these three sets of markets.

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