An increase in aggregate supply increases the real domestic output and reduces the price level effects from an increase in aggregate demand.
Answer the following statement true (T) or false (F)
True
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Use the above table. The MFC of the 3rd worker is
A) $5. B) $30. C) $20. D) $6.7.
Product differences are ___________ physical.
Fill in the blank(s) with the appropriate word(s).
Suppose Island Bikes, a profit-maximizing firm, is the only bike rental company in a small resort town. The marginal cost to Island Bikes of renting out a bike is $3, and Island Bikes has no fixed costs. Each day Island Bikes has six potential customers, whose reservations prices are listed below.CustomerReservation Price($/Rental)A22B16C12D8E6F4 Suppose Island Bikes knows that customers whose reservation prices are at least $10 always rent bikes before noon, while those whose reservation prices are below $10 never do so. If Island bikes can charge a different price in the morning and in the afternoon, then in the afternoon, it will rent out ________ bike(s) and charge ________ per bike.
A. 5; $10 B. 1; $8 C. 3; $4 D. 2; $6
Absolute advantage is the basis for gains from trade
Answer the following statement(s) true (T) or false (F)