The short-run market supply curve in a perfectly competitive industry

a. shows the total quantity supplied by all firms at each possible price
b. is perfectly inelastic at the market price
c. is perfectly elastic at the market price
d. shows how much output each individual firm will supply at various possible prices
e. is usually downward sloping


A

Economics

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Economics

Suppose the economy is initially in long-run and short-run equilibrium. If the Fed decides to pursue a contractionary monetary policy, we will see

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Economics

In the graph for welfare effects of a deficiency payment plan, the output is ______.

a. lowered below the efficient level b. raised above the efficient level c. raised up to the efficient level d. lowered down to the efficient level

Economics

Which of the following is not an example of the issue of time inconsistency?

A) a central bank announced to maintain low inflation and at the same time increased money supply B) a government stated that they will not negotiate with hostage takers. When someone is taken hostage, it negotiates C) a mom says to her kids no cookie before meals and she never gives cookies before her kids eat their meals D) a person on diet eats ice cream for dinner

Economics