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WAGES, AGGREGATE SUPPLY DETERMINANT: One of several specific aggregate supply determinants assumed constant when the short-run aggregate supply curve is constructed, and that shifts the short-run aggregate supply curve when it changes. An increase in the wages causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in the wages causes an increase (rightward shift) of the short-run aggregate supply curve. Other notable aggregate supply determinants include the technology, energy prices, and the capital stock. Wages are an example of a resource price aggregate supply determinant.

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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly Page: 21 of 24

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  • Suppose that the union takes monopoly control of the supply-side of this market.

  • This tense situation is officially described as a bilateral monopoly.

  • Bilateral monopoly is market structure containing a single buyer and a single seller, or more specifically, the combination of a monopoly on the selling side and a monopsony on the buying side.
  • Should the firm seek to hire workers, it must do so through the union. Alternatively, should the union seek to employment for its members, it must do so through the firm.

  • That's the way it works. One buyer. One seller.


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MACROECONOMIC PROBLEMS

Undesirable situations that exist in the macroeconomy, largely because one or more of the macroeconomic goals are not satisfactorily attained. The primary problems are unemployment, inflation, and stagnant growth. Macroeconomic theories are designed to explain why these problems emerge and to recommend corrective policies.

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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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