Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks:

A. Excess demand
B. Relative price
C. Inflated price
D. Incentives


B. Relative price

Economics

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Explain how menu costs affect the slope of the short-run aggregate supply curve

What will be an ideal response?

Economics

If demand increases in a perfectly competitive market, then in the short run supply will:

A. increase. B. decrease. C. not change. D. either increase or decrease.

Economics

If the price elasticity of supply is zero, the supply curve is a horizontal line parallel to the quantity axis

a. True b. False Indicate whether the statement is true or false

Economics

If the base year is 2005, the nominal GDP for 2015 is $10,000 billion, and the GDP deflater for 2015 is 90, what is the real GDP for 2015 compared to 2005?

a. $9,000 billion b. $10,090 billion c. $11,111 billion d. $12,001 billion

Economics