Which of the following shifts short-run, but not long-run aggregate supply to the right?
a. a decrease in the actual rate of inflation
b. a decrease in the expected rate of inflation
c. a decrease in the capital stock
d. a drought in the Midwest agricultural areas.
B
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Refer to Table 21.2. What is the median income in Mysteria?
A) $5,000 B) $9,000 C) $10,000 D) $17,000
Firms in perfect competition produce the productively efficient output level in the short run and in the long run
Indicate whether the statement is true or false
In a two-person, two-good economy, the gains to specialization will be larger when:
A. one person has an absolute advantage in both goods. B. there are large differences between the individuals in their opportunity costs of producing the two goods. C. there are small differences between the individuals in their opportunity costs of producing the two goods. D. neither person has an absolute advantage.
Why can't all goods be inferior?
What will be an ideal response?