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Lesson 9: Consumer Demand | Unit 5: Taking Stock Page: 21 of 22

Topic: Two Considerations <=PAGE BACK | PAGE NEXT=>

  • The law of diminishing marginal utility sets the stage for understanding the law of demand.
  • But it represents only part of the explanation.

  • Two other considerations in our behind the scenes look at demand are:

  • Constrained Choices

  • If marginal utility is not zero, because of constrained utility maximization, then marginal utility is greater than zero and the price buyers are willing to pay is also greater than zero.
  • Other Goods

  • In the real world, I would not merely decide yes or no about the beach. I would weigh beach frolicking with other options.

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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The average length of a "business lunch" is about 36 minutes.
"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. "

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