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EQUILIBRIUM QUANTITY: The quantity exchanged between buyers and sellers when a market is in equilibrium. The equilibrium quantity is simultaneously equal to both the quantity demanded and quantity supplied, which means that there is no shortage nor surplus in the market. This is, in fact, the prime criterion for market equilibrium. If buyers are able to buy all of the good they're willing and able to buy (no shortage) and sellers are able to sell all of the good they're willing and able to sell (no surplus), then neither side of the market is inclined to change the existing terms of trade. And that's equilibrium.
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Lesson 21: Factor Demand | Unit 3: The Curve
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Page: 16 of 24
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In this unit, you should have learned about:- The marginal revenue product schedule, which presents the relation between marginal revenue product, marginal physical product, and the quantity of input.
- How the marginal revenue product is derived from the marginal revenue product schedule.
- That the marginal revenue product curve is negatively-sloped due to the law of diminishing marginal returns.
- The hiring decision by a firm is based on a comparison between marginal revenue product and the wage.
- How the factor demand curve can be derived from the marginal revenue product curve.
- That the factor demand curve is negatively-sloped due to the law of diminishing marginal returns.
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EXCHANGE RATES, AGGREGATE EXPENDITURES DETERMINANT One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. An increase in the exchanges rates causes an increase (upward shift) of the aggregate expenditures line. A decrease in the exchanges rates causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and interest rates.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for the last item on a shelf.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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GATT
General Agreementon Tariffs and Trade
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