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AGGREGATE MARKET ANALYSIS: An investigation of macroeconomic phenomena, including unemployment, inflation, business cycles, and stabilization policies, using the aggregate market interaction between aggregate demand, short-run aggregate supply, and long-run aggregate supply. Aggregate market analysis, also termed AS-AD analysis, has been the primary method of investigating macroeconomic activity since the 1980s, replacing Keynesian economic analysis that was predominant for several decades. Like most economic analysis, aggregate market analysis employs comparative statics, the technique of comparing the equilibrium after a shock with the equilibrium before a shock. While the aggregate market model is usually presented as a simply graph at the introductory level, more sophisticated and more advanced analyses often involve a system of equations.

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Lesson 19: Monopolistic Competition | Unit 1: Intro Page: 4 of 22

Topic: Product Differentiation <=PAGE BACK | PAGE NEXT=>

  • The characteristic that sets monopolistic competition apart from other market structures is product differentiation.

  • Product differentiation is real or perceived differences among similar goods that prompts buyers to pay different prices.
  • Product differentiation is achieved in three ways:

    • Physical Differences

    • Perceived Differences

    • Support Services

  • When monopolistic competition firms practice product differentiation they seek to balance two things.

    1. To create enough of a difference that buyers are willing to pay a higher price for the good.

    2. To maintain enough similarity that buyers treat the good as a close substitute for other goods.


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GROSS DOMESTIC PRODUCT, WELFARE

Gross domestic product (GDP) is the total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. GDP is intended to measure the nation's production of wants-and-needs satisfying goods and services. While it provides an indication of how far the economy has come on the long road to battling the ever-present scarcity problem, it is NOT a direct measure of the nation's welfare or well-being. GDP is certainly a big component of the well-being of the country, but not the ONLY component.

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for broken fingernail clippers.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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