Examlex
What is meant by aggregation? Why is aggregation important for macroeconomic analysis?
High Demand
A situation in which the desire for a product or service exceeds the available supply, often leading to higher prices.
Low Demand
A situation where the desire or need for a particular product or service is less than the supply available.
Pure Competition
A market structure characterized by a large number of small firms, a homogeneous product, and very easy entry and exit from the market.
Imperfect Competition
Market structures that do not meet the conditions of perfect competition, including monopolistic competition, oligopoly, and monopoly.
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