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DISEQUILIBRIUM, LONG-RUN AGGREGATE MARKET: The state of the long-run aggregate market in which real aggregate expenditures are NOT equal to full-employment real production, which result in imbalances that induce changes in the price level. In other words, the opposing forces of aggregate demand (the buyers) and long-run aggregate supply (the sellers) are out of balance. Either the four macroeconomic sector (households, business, government, and foreign) buyers are unable to purchase all of the real production that they seek at the existing price level or business-sector producers are unable to sell all of the full-employment real production that they have available at the existing price level.
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FIRST-DEGREE PRICE DISCRIMINATION A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed perfect price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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SRO
Self-regulatory Organizations
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