A decrease in the price level
A) shifts the SRAS curve to the right.
B) shifts the SRAS curve to the left.
C) causes an upward movement along the existing SRAS curve.
D) causes a downward movement along the existing SRAS curve.
E) none of the above
D
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____________________ is when a firm is able to produce along its expansion path
Fill in the blank(s) with the appropriate word(s).
Which of the following factors are involved in monopolistic competition?
a. operates at minimum ATC; allocative inefficiency; productive efficiency b. fails to operate at minimum ATC; allocative inefficiency; productive inefficiency c. operates at minimum ATC; allocative efficiency; productive inefficiency d. fails to operate at minimum ATC; allocative efficiency; productive efficiency
The law of diminishing returns explains diseconomies of scale.
Answer the following statement true (T) or false (F)
Which of the following statements is correct?
A. The Social Security program funnels transfers from retired individuals to the youngest children of low-income families. B. As a public transfer payment, Social Security benefit is available only to the poor. C. Social Security benefits are received by people who had contributed to the fund during their active work years. D. Social Security is an entitlement which is available to everyone, including those who have not contributed to the fund during their active work years.