An increase in which of the following would cause the aggregate demand curve to shift to the left?
A. Income Taxes
B. Estate and Gift Taxes
C. Employment Taxes
Ans: A. Income Taxes
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The figure above shows a firm in monopolistic competition. If all firms in the industry have the demand and cost curves illustrated in the figure, then in the long run
A) some firms will have exited the industry. B) some firms will have entered the industry. C) firms will have neither entered nor exited the industry. D) we cannot tell if firms will either have entered or exited the industry.
A disagreement involving two or more unions over which should have control over a particular firm or industry is
A) a closed shop. B) a union shop. C) a jurisdictional dispute. D) an industrial union.
In the short run, a perfectly competitive firm _____
a. cannot change its costs of production if it buys its inputs from a perfectly competitive market b. can increase the value of its unique product by increasing its advertisement expenditure c. can decrease the price of a good in order to increase its share in the market d. cannot choose to produce the quantity it wants
The market power of a firm refers to its ability to
A) erect entry barriers in the industry. B) make a profit even when other firms in the industry are making losses. C) control its own output level while keeping its price the same as the prices charged by other firms. D) affect the market price for its industry's output.