The ______ is the portion of the MC curve above the AVC curve.
a. short-run demand curve
b. long-run demand curve
c. short-run supply curve
d. long-run supply curve
c. short-run supply curve
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Workers expect inflation to rise from 3% to 5% next year. As a result, this should
A) shift the short-run aggregate supply curve to the left. B) move the economy down along a stationary short-run aggregate supply curve. C) shift the short-run aggregate supply curve to the right. D) move the economy up along a stationary short-run aggregate supply curve.
The official dating of recessions in the United States is the responsibility of the:
a. Bureau of Labor Statistics (BLS). b. Internal Revenue Service (IRS). c. Federal Reserve. d. Congress. e. National Bureau of Economic Research (NBER).
The number of sellers in a market is considered to be large when
a. the total exceeds 100 b. no single buyer can affect the price through his or her demand for the product c. they cannot be easily counted d. no single seller can affect the price by changing its level of output e. no seller controls more than 20 percent of the total market supply
Greg spends his entire budget on two goods: he plays video games at the mall arcade and he buys pizza. He discovers that his MU/P of video games is lower than his MU/P of pizza. From this, we know that he would be
a. happier eating less pizza and playing fewer video games b. happier eating less pizza and playing more video games c. happier eating more pizza and playing fewer video games d. indifferent to which selection he makes e. less happy if he made any change because he has obviously bought the quantities that maximize his total utility