For a given shift of the aggregate demand curve, the ________ the short-run aggregate supply curve, the ________ the increase in the real GDP and the ________ the increase in the price level
a. steeper; larger; smaller
b. steeper; smaller; larger
c. more flat; smaller; smaller
d. steeper; larger; larger
b
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A price searcher faces the following demand function: At $7, 6, 5, 4, and $3, the quantity demanded is 300, 400, 500, 600, and 700 units respectively. If the firm's marginal cost is $100 at any level of output, it would maximize net revenues by
A) producing 400 units and charging $6. B) producing 500 units and charging $5. C) producing 600 units and charging $4. D) producing 700 units and charging $3.
Addressing the natural rate of unemployment is
a. straightforward in theory but difficult in practice. b. straightforward in theory and in practice. c. difficult in theory and in practice. d. straightforward in practice but difficult in theory.
Suppose that florists and landscape workers are not unionized. If florists unionize, then the wages of
a. florists will rise, and the wages of landscape workers will fall. b. florists will fall, and the wages of landscape workers will rise. c. both florists and landscape workers will rise. d. both florists and landscape workers will fall.
An incentive to cheat and overproduce (prod quota)
What will be an ideal response?