The figure above shows a firm in a perfectly competitive market. The firm's supply curve is the curved line linking
A) point a to point c and stopping at point c.
B) point b to point d and continuing on past point d along the MC curve.
C) point b to point f and stopping at point f.
D) point c to point e and continuing on past point e along the ATC curve.
B
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Given an aggregate supply curve, a decrease in aggregate demand will: a. increase the real interest rate
b. increase real GDP. c. increase the price level. d. decrease the real exchange rate. e. decrease real GDP.
Since people's incomes are limited and their abilities to borrow differ they face _____ constraints
a. psychological b. financial c. societal d. contractual
What the text calls "the economic way of thinking" is primarily
What will be an ideal response?
Use the information provided in Table 7.1 below to answer the question(s) that follow.
Table 7.1Inputs Required to Produce a Product Using Alternative Technologies 
Refer to Table 7.1. If the hourly wage rate is $7 and the hourly price of capital is $10, which production technology should be selected?
A. A B. B C. C D. D