The aggregate supply curve is:
A. the relationship between the overall price level and total production by firms.
B. downward-sloping.
C. the sum total of the production of all the firms in the economy for every given demand level.
D. the sum total of the production of all the firms in the economy for every level of profit.
A. the relationship between the overall price level and total production by firms.
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Refer to Figure 2-11. In the circular flow diagram, who are economic agents A and who are economic agents B?
A) A = households; B = firms B) A= firms; B = product markets C) A = firms; B = households D) A = households; B = factor markets
Explain why under oligopoly conditions firms might wish to choose pricing and output strategies together. What is this arrangement called?
Since people get sick at all hours of the day, some nurses who work in hospitals are required to work the night shift. In most cases, the nurses who work the night shift earn a higher hourly wage for the same work as the nurses who work the day shift. This difference in pay is referred to as a
a. discriminatory wage practice. b. compensating differential. c. wage inequity. d. a market inefficiency.
How can inventions such as cellular phones affect the government's antitrust policies?
(A) The technology causes the need for stricter regulation than before. (B) Government rules can allow higher charges than competition. (C) People using the technology do not want antitrust regulations. (D) They can mean that the need for regulation no longer exists.