An aggregate supply curve that slopes upward must be:
A. a short-run curve.
B. a long-run curve.
C. an individual firm's supply curve.
D. an individual industry's supply curve.
A. a short-run curve.
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Explain the difference between nominal and effective tariffs
What will be an ideal response?
The Navigation Acts:
a. placed tariffs on the import of British goods by the colonies. b. prohibited trade between the British West Indies and the colonies. c. allowed colonial trade on British ships commanded by foreign captains. d. encouraged trade between the colonies and the Dutch. e. None of the above is correct.
If we wanted to consider all the money that had been "multiplied" in the economy, we would think about:
A. M2. B. M1. C. hard money. D. None of these.
If, in response to an increase in the price of chocolate the quantity of chocolate demanded decreases, then economists would describe this as
A) a decrease in demand. B) a decrease in quantity demanded. C) a change in consumer income. D) a decrease in consumers' taste for chocolate.