A total product curve shows the
a. aggregate output of many firms in an industry.
b. amount of product consumers will take off the market.
c. maximum amount of product that it is technically possible to produce.
d. relationship between units of inputs and total output.
d
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When the spending of consumers, businesses, government, and foreigners (net exports) is less than the aggregate output level of the economy, the Keynesian model result is that:
a. output will rise. b. output will fall. c. prices will rise. d. inventories will tend to decline.
Which is more likely to stimulate aggregate demand in a timely manner?
What will be an ideal response?
As John's income has increased, he has purchased less instant noodles. Instant noodles are
A. an inferior good for John. B. not following the law of demand. C. not scarce for John. D. a normal good for John.
Y = C + S even when the economy is not in equilibrium.
Answer the following statement true (T) or false (F)