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AGGREGATE DEMAND CURVE: A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand, or AD, curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate supply curve (which is actually two curves, the long-run aggregate supply curve and the short-run aggregate supply curve). The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate effect, real-balance effect, and net-export effect.

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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control Page: 9 of 24

Topic: Monopsony <=PAGE BACK | PAGE NEXT=>

  • Here's the official monopsony definition:

  • A monopsony is market characterized by a single buyer.
  • Much as a monopoly is the only seller in a market, monopsony is the only buyer.

  • A few highlights about monopsony:

    • One Buyer
    • Inefficient
    • Ideal in the Extreme


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TOTAL FIXED COST CURVE

A curve that graphically represents the relation between total fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between total fixed cost and the level of output, holding other variables, like technology and resource prices, constant. Because total fixed cost are, in fact, fixed, the total fixed cost curve is, in fact, a horizontal line. The total fixed cost curve is one of three total cost curves, the other two are total cost curve and total variable cost curve.

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