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OUTSIDE LAG: In the context of economic policies, the time between corrective government action responding to a shock to the economy and the resulting affect on the economy. This is one of two primary lags in the use of economic policies. The other is inside lag, the time between a shock to the economy and corrective government action responding to the shock. The length of the outside lag, also termed impact lag, is primarily based on the speed of the multiplier process and is essentially the same for both fiscal and monetary policy. The length of the inside and outside lags is one argument against the use of discretionary policies to stability business cycles.

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Lesson 19: Monopolistic Competition | Unit 4: Analysis Page: 17 of 22

Topic: Advertising <=PAGE BACK | PAGE NEXT=>

  • Attracting customers is the firm's prime reason for advertising:

  • Advertising is information provided by a company about its product or operation, usually through media such as television, radio, newspapers, magazines, and the Internet, to promote or maintain sales, revenue, and/or profit.
  • Advertising is generally used by monopolistic competition to accomplish two related goals -- product differentiation and market control.

  • From a more graphical standpoint, advertising seeks:

    • To Increase Demand

    • To Reduce Demand Elasticity


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CHANGE IN AGGREGATE SUPPLY

A shift of the short-run or long-run aggregate supply curve caused by a change in one of the aggregate supply determinants. In essence, a change in aggregate supply is caused by any factor affecting supply EXCEPT the price level. This is one of two changes related to aggregate supply. The other is a change in real production. A change in aggregate supply is comparable to a change in market supply.

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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for high interest rates.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"An idea is never given to you without you being given the power to make it reality."

-- Richard Bach, Author

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