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FLEXIBLE PRICES: The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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Lesson 20: Oligopoly | Unit 2: Structure Page: 9 of 24

Topic: Entry Barriers <=PAGE BACK | PAGE NEXT=>

  • The structure of most oligopoly markets is characterized by entry barriers.

  • A definition:

  • Entry barriers are natural or artificial restrictions on the movement of resources into an industry which limits the number of competitors.
  • The prime entry barriers are:

    • Start-up Cost
    • Resource Ownership
    • Decreasing Average Cost
    • Government Authorization
    • Trade Restrictions

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SLOPE, AGGREGATE DEMAND CURVE

The negative slope of aggregate demand curve, reflecting the inverse relation between the price level and aggregate expenditures on real production, is attributable to three primary effects--real-balance effect, interest-rate effect, and net-export effect.

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Today, you are likely to spend a great deal of time at an auction wanting to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for telephone calls from former employers.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Plans are only good intentions unless they immediately degenerate into hard work."

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