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KEYNESIAN RANGE: The horizontal segment of the Keynesian aggregate supply curve that reflects rigid prices and wages. Shifts of the aggregate demand curve in this range lead to changes in the aggregate output, but not changes in price level. Such results are consistent with Keynesian economics, which is why this is termed the "classical" range. The other ranges of the Keynesian aggregate supply curve are the classical range and the intermediate range.

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PRODUCT DIFFERENTIATION: Real of perceive differences among similar goods that prompt buyers to pay different prices. Product differentiation is a method used by some firms to achieve market control. The three methods of product differentiation are physical differences, perceived differences, and support services. The greater the differentiation is among products, then the more ability firms have to exert control over prices. Product differentiation is perhaps most important for market control by firms in monopolistic competition, but it also plays a role in oligopoly.

     See also | market control | monopolistic competition | oligopoly | market structure |


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PHYSICAL WEALTH, AGGREGATE DEMAND DETERMINANT

One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in the physical wealth causes a decrease (leftward shift) of the aggregate curve. A decrease in the physical wealth causes an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include interest rates, federal deficit, inflationary expectations, and the money supply.

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