When economists say the quantity supplied of a product has increased, they mean the
a. supply curve has shifted to the left.
b. supply curve has shifted to the right.
c. price of the product has risen, and consequently, suppliers are producing more of it.
d. price of the product has fallen, and consequently, suppliers are producing less of it.
C
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For each one dollar increase in real GDP, aggregate planned expenditure
A) increases by less than a dollar. B) increases only if autonomous expenditure increases. C) increases by one dollar. D) increases by more than a dollar. E) is unaffected.
In the above figure, which part corresponds to a fall in the money wage rate?
A) Figure A B) Figure B C) Figure C D) Figure D
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.
Under perfect competition
A. accounting profits are always zero in the long run. B. information about every possible economic opportunity is somewhat limited. C. the demand curve and the marginal revenue curve are identical. D. the firm has a limited amount of control over the market price.