The quantity supplied of a good
a. is the amount that sellers would provide if the firms faced no constraints
b. is the amount that sellers would provide if input prices were zero
c. must match the amount actually purchased in the market
d. is a fixed amount unaffected by the sellers' circumstances
e. is subject to the constraints imposed by technology and input prices
E
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If an increase in quantity demanded of a product reduces the quantity demanded of another, then the two goods are said to be substitutes.
Answer the following statement true (T) or false (F)
The following equations represent the demand and supply for silver pendants
QD = 50 - 2P QS = -10 + 2P What is the equilibrium price (P) and quantity (Q - in thousands) of pendants? A) P = $20; Q = 15 thousand B) P = $50; Q = 10 thousand C) P = $10; Q = 30 thousand D) P = $15; Q = 20 thousand
According to the equation of exchange, the money supply times the velocity of money equals the
A) price level. B) growth rate of the money supply. C) real GDP. D) nominal GDP.
In the new Keynesian model, the effects on output of an anticipated aggregate demand shock are ________
A) less than if that event was unanticipated B) greater than if that event was unanticipated C) the same as would develop if that event was unanticipated D) independent of whether or not that event is anticipated or unanticipated