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Briefly explain the effect of competition on economic rents.
Full Employment
A situation in an economy where all available labor resources are being used in the most efficient way possible.
Equilibrium Price Level
This is the price point at which the demand for goods matches the supply, stabilizing the economic market without excess surplus or shortage.
Aggregate Demand Curve
Illustrates the total demand for all goods and services in an economy at various price levels, holding all else equal.
Aggregate Supply Curve
A graphical representation showing the relationship between the overall price level in an economy and the quantity of goods and services produced.
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