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EFFECTIVE DEMAND: The notion that the actual demand for aggregate output in the macroeconomy is based on the actual income or other existing economic conditions and not on income and conditions existing in equilibrium. The idea of effective demand plays a key role in Keynesian economics and how the macroeconomy can have extended periods of unemployment. Effective demand is in direct contrast to the view underlying classical economics that demand is that existing in equilibrium.
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Lesson 6: Market Supply | Unit 4: Determinants
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Page: 13 of 19
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Topic:
Shifters: Increase
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Supply determinants shift the supply curve.- The supply curve is drawn assuming that only price and quantity change. The determinants are assumed to be constant.
- A change in one of the determinants can cause:
- An increase in supply, a rightward shift, which means that for any price, for every price, sellers are willing and able to sell more of the good.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for broken fingernail clippers.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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SOFFEX
Swiss Options and Financial Futures Exchange
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