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AGGREGATE SUPPLY DETERMINANTS: An assortment of ceteris paribus factors that affect both short-run aggregate supply and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, it's usually most convenient to group them into three broad categories -- resource quantity, resource quality, and resource prices.

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Lesson 20: Oligopoly | Unit 4: Analysis Page: 15 of 24

Topic: Kinked-Demand Curve <=PAGE BACK | PAGE NEXT=>

  • How and why oligopoly firms have rigid prices can be illustrated with the use of the kinked-demand curve.

  • A kinked-demand curve is a demand curve with two distinct segments with different elasticities that join to form a kink.
  • The two segments of a kinked-demand curve are:

    1. A relatively more elastic segment for price increases.
    2. A relatively less elastic segment for price decreases.

  • The most striking feature of this curve is that it comes it three parts:

    • One part corresponds with the relatively more elastic demand curve for price increases.

    • The second part corresponds with the relatively less elastic demand curve for price decreases.

    • The third part is the vertical line connecting these two segments.

  • This disjointed marginal revenue curve is the key to oligopoly price rigidity.

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BALANCE OF PAYMENTS

A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for letters from the Internal Revenue Service.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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