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EQUILIBRIUM, SHORT-RUN AGGREGATE MARKET: The state of equilibrium that exists in the short-run aggregate market when real aggregate expenditures are equal to full employment real production with no imbalances to induce changes in the price level or real production. In other words, the opposing forces of aggregate demand (the buyers) and short-run aggregate supply (the sellers) exactly offset each other. Equilibrium in the short-run aggregate market achieves balance in the product markets and financial markets, but not in the resource markets. It also involves simultaneous equilibrium in the aggregated financial and resource markets.

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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost Page: 8 of 22

Topic: The Cost Numbers <=PAGE BACK | PAGE NEXT=>

  • Any monopolistic competition firm's production decision must consider both the revenue received from production and the cost of the production.

  • A few points about these cost numbers:

    1. Most important is the law of diminishing marginal returns, which affects the short-run production of any firm, regardless of market structure.

    2. For the firm's operation, producing five or more units per hour entails decreasing marginal returns.


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INDUCED SAVING

Household saving that depends on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in saving. Induced saving reflects the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to save (MPS) and is reflected by the positive slope of saving line. The alternative to induced saving is autonomous saving, which does not depend on income.

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