Which of the following curves reflects the idea that in the long run, output is determined only by the factors of production and given technology?
A. the aggregate demand curve
B. the market supply curve
C. the long-run aggregate supply curve
D. the Keynesian aggregate supply curve
Answer: C
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Julie works at a local hat factory for $12 an hour and typically works 40 hours a week. The company threatens layoffs, so Julie and the others agree to a pay cut. Julie now earns $10 an hour and works every hour over 40 that her boss will let her. Julie's response to this pay cut was to work:
A. more, demonstrating a dominant income effect. B. more, demonstrating a dominant price effect. C. less, demonstrating a dominant income effect. D. less, demonstrating a dominant price effect.
The marginal revenue curve of a single price monopolist
A. lies below the demand curve. B. is a horizontal line. C. lies above the demand curve. D. lies along the demand curve.
Unemployment insurance benefits are an example of _____
Fill in the blank(s) with correct word
Which would shift the aggregate demand curve? A change in:
a. The legal-institutional environment b. Input prices c. The prices of imported resources d. Net export spending