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INFLEXIBLE PRICES: The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible (also termed rigid or sticky) prices are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling somewhere in between.
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SELLERS' EXPECTATIONS, SUPPLY DETERMINANT The expectations that sellers have concerning the future price of a good, which is assumed constant when a supply curve is constructed. If sellers expect a higher price, then supply decreases. If sellers expect a lower price, then supply increases. Sellers' expectations are one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and number of sellers.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for fairy dust that tastes like salt.
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The average length of a "business lunch" is about 36 minutes.
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"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. " -- Harold S. Green, MCI founder
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EER
European Economic Review
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