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CLASSICAL RANGE: The vertical segment of the Keynesian aggregate supply curve that reflects the independence of full-employment aggregate output (or gross domestic product) to the price level. Shifts of the aggregate demand curve in this range lead to changes in the price level, but not changes in aggregate output. Such results are consistent with classical economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the Keynesian range and the intermediate range.

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CONTRACTIONARY MONETARY POLICY: A form of stabilization policy consisting of a decrease in the amount of money in circulation (that is, the money supply). This policy is designed to avoid or correct the problems associated with a business-cycle expansion that gets out of hand and causes inflation.

     See also | stabilization policies | business cycle | monetary policy | expansion | inflation | money supply | open market operations | discount rate |


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CONTRACTIONARY MONETARY POLICY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: April 3, 2025].


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MARKET FAILURES

Imperfections in the exchange process between buyers and sellers that prevent markets from efficiently allocating scarce resources. Market failures come in four varieties -- public goods, market control, externalities, and imperfect information. Market efficiency is achieved if the value of goods produced is equal to the value of foregone production. Markets fail when this efficiency condition is not achieved. Such failures can only be corrected by government intervention.

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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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