The Keynesian and classical aggregate supply analyses
A. are completely different.
B. have some similarities.
C. are very similar.
C. are very similar.
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Consider the market for cable television, a natural monopoly, shown in the figure above. If the regulator imposes an average cost pricing rule, the firm provides service to
A) 3.5 million households. B) 6 million households. C) 10.5 million households. D) 12.5 million households.
If a country is subject to increasing opportunity costs, its national supply curve (i.e. the locus of national output levels of S at various relative prices of S) will have a ________ slope
A) flat B) positive C) negative D) bowed out
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.
A perfectly competitive firm produces in a market where the prevailing price is $25 . At its current output level of 10,000 units, its average total cost equals $15 . The firm is earning
a. a total money profit of $100,000 b. a total economic profit of $100,000 c. a total money profit of $250,000 d. a total economic profit of $250,000 e. both a total money profit and a total economic profit of $100,000