If the economy moves upward along its short-run Phillips curve, in the AS-AD diagram, this movement is shown by a
A) rightward shift of the AS curve and a movement along the AD curve.
B) movement downward along the AS curve as a result of a leftward shift of the AD curve.
C) movement upward along the AS curve as a result of a rightward shift of the AD curve.
D) leftward shift of the AS curve and a movement along the AD curve.
E) rightward shift of potential GDP.
C
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The income that people receive is called:
a. national income. b. personal income. c. disposable personal income. d. transfer payments.
The export supply curve is the portion of the domestic supply curve below the no-trade equilibrium price
a. True b. False Indicate whether the statement is true or false
Price discrimination
A. Is illegal. B. Rarely occurs in the airline industry. C. Is a method used by sellers to pit one buyer against the other. D. Is a way for sellers to elicit the maximum willingness to pay from buyers.
The most a consumer is willing to pay for a product is equivalent to the product's ______.
Fill in the blank(s) with the appropriate word(s)