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DISEQUILIBRIUM, AGGREGATE MARKET: The state of the aggregate market in which real aggregate expenditures are NOT equal to real production, which result in imbalances that induce changes in the price level, aggregate expenditures, and/or real production. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) are out of balance. Either the four macroeconomic sector (households, business, government, and foreign) buyers are unable to purchase all of the real production that they seek at the existing price level or business-sector producers are unable to sell all of the real production that they have available at the existing price level.
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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly
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Page: 23 of 24
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- The four curves in this diagram illustrates the boundaries of this negotiation.
- However, we don't have just a monopsony or just a monopoly, we have a bilateral monopoly.
- The ultimate price depends on which side is the better negotiator.
- One of the more intriguing implications of this analysis is for efficiency:
- While neither monopsony nor monopoly are particular efficient, the price negotiated by a bilateral monopoly is bound to be closer to the perfect competition price than the other two separately.
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SCARCITY A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the last item on a shelf.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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DSE
Detroit Stock Exchange
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