An increase in aggregate demand would move the economy up and to the right along a short run aggregate supply curve and up and to the left along a Phillips Curve
a. True
b. False
Indicate whether the statement is true or false
True
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Bill owns a lawn-care company in Windermere, Florida, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed
If Bill's average total cost curve is ATC, his total economic ________ equals ________. A) loss; $800 per week B) profit; $1,280 per week C) profit; $480 per week D) loss; $1,280 per week E) profit; $32 per week
If the economy enters an expansion
A) cyclical unemployment increases. B) structural unemployment increases. C) cyclical unemployment decreases. D) structural unemployment decreases.
Which of the following statements is not correct?
a. The competitive firm produces where P = MC. b. The monopolist produces where P = MC. c. The competitive firm produces where MR = MC. d. The monopolist produces where MR = MC.
Consider Figure 12.3. David chooses to charge a low price:
A. only if Becky chooses a high price. B. only if Becky chooses a low price. C. regardless of whether Becky chooses a high or low price. D. in order to induce Becky to choose a high price.