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ADJUSTMENT, LONG-RUN AGGREGATE MARKET: Disequilibrium in the long-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the long-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the long-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases long-run equilibrium is restored. Price level changes induce changes in aggregate expenditures but NOT changes in real production. The reason is that long-run aggregate supply is full-employment real production, which is unaffected by the price level.
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MARKET CONTROL The ability of buyers or sellers to exert influence over the price or quantity of a good, service, or commodity exchanged in a market. Market control largely depends on the number of competitors on each side of the market. If a market has relatively few buyers, but many sellers, then limited competition on the demand-side of the market means buyers tend to have relatively more market control than sellers. The converse occurs if a market has many buyers, but relatively few sellers. This is also termed market power.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
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Q-RATIO
Ratio of Total Market Value of Physical Assets
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