On the graph above, consider a point A on the aggregate supply curve and above the aggregate demand curve. At this point, ________
A) quantity demanded equals output, but the inflation rate will fall, so output will rise
B) quantity demanded is greater than quantity supplied, so the inflation rate will rise
C) output is greater than the quantity demanded, so output will fall
D) the aggregate demand curve will shift to the right until quantity demanded is equal to quantity supplied
E) none of the above
C
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It's logical, it's a rule of thumb, it's an economic guideline: As long as MR < MC, and the firm responds by increasing the quantity it produces,
a. profit will equal zero b. profit will increase c. profit will decrease d. profit will remain unchanged e. the firm will minimize loss
A switch from a? pollution-tax policy to a? uniform-reduction policy will shift the supply curve of the polluting product upward and increase the equilibrium price.
A switch from a? pollution-tax policy to a? uniform-reduction policy will shift the supply curve of the polluting product
and
the equilibrium price.
In tit-for-tat, if your partner ________ in your first interaction, then you will ________ in your next interaction.
A. cooperates; defect B. defects; defect C. defects; cooperate D. defects; refuse to play
When deciding what to use as money, one characteristic to look for is its:
A. exchange value. B. convenience. C. shape. D. intrinsic value.