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RIGID PRICES: The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, rigid (also termed inflexible or sticky) prices are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most rigid in resource markets, especially labor markets, and the least rigid in financial markets, with product markets falling somewhere in between.

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Lesson 4: Production Possibilities | Unit 4: Analysis Page: 18 of 24

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  • How full employment is represented by any bundle ON the production possibilities curve and unemployment is represented by any bundle INSIDE the production possibilities curve.
  • The production possibilities curve as a frontier or boundary that cannot be cross give current quantities and qualities of resources.
  • How the process of economic growth expands the production possibilities curve to reach previously unreachable bundles of goods.
  • How economic growth is achieved by increasing the quantity or quality of resources.
  • Five important sources of economic growth-the quantity of labor, the quantity of capital, the quantity of materials, education, and technology.


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LONG-RUN PRODUCTION ANALYSIS

An analysis of the production decision made by a firm in the long run. The central characteristic of long-run production analysis is that all inputs under the control of the firm are variable. The central principle guiding production in the long run is returns to scale, which indicates how production responds to proportional changes in all inputs. A contrasting analysis is short-run production analysis.

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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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