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AGGREGATE SUPPLY SHIFTS: Changes in the aggregate supply determinants can shift either the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. We have two options -- an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource prices shift the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource prices shift the aggregate supply curves to left.
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MARGINAL UTILITY-PRICE RATIO The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for telephone calls from former employers.
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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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"What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal." -- Albert Pike
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OTC
Over the Counter
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