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INELASTIC DEMAND: Relatively large changes in demand price cause relatively smaller changes in quantity demanded. Inelastic demand means that changes in the quantity demanded are not very responsive to changes in the demand price. An inelastic demand has a coefficient of elasticity less than one (the negative value is ignored). You might want to compare inelastic demand to elastic demand, inelastic supply, and elastic supply.
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for cardboard boxes.
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John Maynard Keynes was born the same year Karl Marx died.
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