An explanation for why the short-run aggregate supply curve is upward-sloping is because:
a. the quantity of real output supplied is inversely related to the aggregate supply curve.
b. nominal incomes are fixed
c. the capital-output ratio is fixed.
d. an increase in price will increase the marginal aggregate output.
b
You might also like to view...
At 2015 prices, the value of production in 2016 was 6 percentage points higher than in 2015. At 2016 prices, the value of production in 2016 was 4 percentage points higher than in 2015
Using the chain-weighted output index, real GDP is ________ in 2016 than in 2015. A) 10 percent greater B) 5 percent greater C) 7.5 percent greater D) 4 percent smaller
In the above figure, this profit-maximizing monopolistic competitive firm will realize an economic profit of
A) -$1,400. B) $2,100. C) $1,400. D) $700.
Which of the following statements is a defining feature of a corporation?
a. The owners of a corporation face unlimited liability on debts. b. A corporation owns and operates units only in foreign countries. c. A corporation is created by a verbal agreement. d. A corporation that is based on a verbal agreement is also recognized by State law. e. A corporation has a legal identity that is separate from that of its owners.
According to the figure shown, Adidas:
A. should charge a high price, regardless of what Nike chooses to do. B. should charge a low price, regardless of what Nike chooses to do. C. does not have a dominant strategy. D. should take the first-mover advantage and charge a low price.