Which of the following factors influence the position of the long-run aggregate supply curve?
A. the supply of money
B. government spending
C. taxes
D. the level of full-employment output
Answer: D
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The consumption function has a negative slope
a. True b. False Indicate whether the statement is true or false
Because there is a trade-off between total output and equality of income distribution,
a. greater equality of distribution will generally result in higher levels of output. b. greater output is generally associated with more equal distribution. c. policies designed to increase output will only succeed if distribution is more equal. d. policies intended to expand output must necessarily fail. e. policies designed to equalize distribution may adversely affect the size of output.
Profit can be maximized only where marginal revenue equals
a. average cost. b. total cost. c. marginal cost. d. average cost.
For a perfectly competitive firm, any price below its minimum AVC is a
A) market price. B) shutdown price. C) profit maximizing price. D) negative price.