Which of the following supply shocks will shift the long-run aggregate supply curve outward?
a. An increase in business taxes
b. An increase in gasoline taxes
c. An increase in the cost of raw materials
d. An increase in the amount and cost of government regulation
e. An increase in agricultural output
e
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A nonexcludable public good is
A. nonrivalrous in consumption. B. rivalrous in consumption. C. asymmetric. D. a good for which it is impossible (or prohibitively costly) to exclude someone from receiving the benefits of its services. E. a and d
Define the Bertrand model and its assumptions. Explain why the model predicts the perfectly competitive outcome despite the number of sellers. Discuss the limitations of the model.
What will be an ideal response?
According to economists, productivity can be increased by
a. improving the education of workers b. restricting trade with the foreign countries c. raising minimum wages d. raising union wages
For a firm, its economic profit is usually greater than its accounting profit.
Answer the following statement true (T) or false (F)