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INFLEXIBLE WAGES: The proposition that some wages adjust slowly in response to labor market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible (also termed rigid or sticky) wages are a key reason underlying the positive slope of the short-run aggregate supply curve.

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Lesson 9: Consumer Demand | Unit 3: Marginal Utility Page: 13 of 22

Topic: Getting Satisfied <=PAGE BACK | PAGE NEXT=>

An explanation to understand the law of diminishing marginal utility:

  • The key terms here are satisfaction and fulfillment.

  • The first hour fills Edgar's beach frolicking void somewhat, but not completely.

  • The third and fourth hours at the beach also add to Edgar's total enjoyment, but not as much as the first and second.

  • Eventually, with the sixth or seventh hour, Edgar's beach merriment want (or need) has been totally satiated.

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PRINCIPAL-AGENT PROBLEM

A disconnection or conflict between the objectives and goals of the principal and those of the agent authorized to represent the principal. The principal-agent problem arises because an agent is given the responsibility and authority to take actions that affect both the principal, but can also affect the agent. This problem is common in corporate management, where the principal is shareholders and the agent is managers. It is also common in government, where the principal is the public and the agent is elected leaders.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for telephone calls from former employers.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

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National Income, Net Income
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