Market supply is obtained by
A) summing the amount demanded by individual consumers at various prices.
B) summing the amount supplied by individual producers at various prices.
C) the law of supply.
D) observing how the supply curve shifts.
B
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Refer to Figure 4.2. Use best-response analysis to answer the following question
If Ferris's choice placed us in the bowling alley, Sloane's best response, depending on the column she finds herself in, would include choosing all of the following cells except the one located at the ________ section of the appropriate payoff matrix. A) upper right B) upper left C) lower right D) lower left
Suppose the nominal interest rate is 1% and the rate of inflation is 3%. The real interest rate is therefore
A) -2%. B) 2%. C) 4%. D) 5%.
The short-run effect of an increase in the money supply is to
A) increase real GDP only. B) increase the price level only. C) increase both real GDP and the price level. D) increase nominal GDP but decrease the price level.
Bubba is a shrimp fisherman who used $2,000 from his personal savings account to buy a boat and equipment for his shrimp business. The savings account paid 2% interest. What is Bubba's annual opportunity cost of the financial capital that he invested in his business?
a. $20 b. $40 c. $200 d. $400