Draw in a new demand curve, D1, on the graph, showing a decrease in demand What happens to price and quantity?
What will be an ideal response?
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Unemployment that occurs when there is deficient demand for the goods and services of an economy is called
A. structural unemployment. B. frictional unemployment. C. cyclical unemployment. D. natural unemployment.
In constructing a short-run aggregate supply curve, we assume that the goal of business is to: a. maximize sales revenue
b. maximize profit. c. maximize growth in assets. d. maximize growth in sales. e. minimize cost.
In a market system, the what, how and for whom questions in economics are determined by
A. buyers and sellers together. B. the central authority. C. those who are not in the market. D. no one.
The basic aggregate demand and aggregate supply curve model helps explain
A) short-term fluctuations in real GDP and the price level. B) long-term growth. C) price fluctuations in an individual market. D) output fluctuations in an individual market.