To calculate the slope of a line, find the vertical distance between two points and divide it by the horizontal distance between the same two points.
Answer the following statement true (T) or false (F)
True
This is the same as rise over run, or change in y divided by change in x.
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Briefly explain the relationship between market price and a firm's profitability in a perfectly competitive market
Which of the following is characteristic of a competitive market?
(A) Low output (B) High costs (C) Inexhaustible supply (D) Efficiency
As you consume more and more of a service,
A. your consumer surplus is increasing. B. your consumer surplus is remaining constant. C. your consumer surplus is decreasing.