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PRICE ELASTICITY OF SUPPLY: The relative response of a change in quantity supplied to a relative change in price. More specifically the price elasticity of supply can be defined as the percentage change in quantity supplied due to a percentage change in supply price. The price elasticity of supply should be contrasted with the price elasticity of demand.
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AGGREGATE DEMAND AND MARKET DEMAND The aggregate demand curve, or AD curve, has similarities to, but differences from, the standard market demand curve. Both are negatively sloped. Both relate price and quantity. However, the market demand curve is negatively sloped because of the income and substitution effects and the aggregate demand curve is negatively sloped because of the real-balance, interest-rate, and net-export effects.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for defective microphones.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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NI
National Income, Net Income
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