If aggregate demand just decreased, which of the following may have caused the decrease?
A) a decrease in the price level B) a decrease in imports
C) a decrease in the interest rate D) a decrease in exports
D
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A key assumption made when a supply schedule is constructed is that
A. the only factors that matter in determining supply are price and quantity. B. firms only want to sell a certain amount of a product. C. supply is too important to be left to the marketplace. D. only price and quantity vary, all other determinants of supply are held constant. E. demand has a positive slope.
The price elasticity of demand
a. is of no use to producers b. tells producers what will happen to total profit if they change product price c. tells producers what will happen to quantity supplied if they change product price d. tells producers what will happen to total revenue if they change product price e. tells producers what will happen to price in the following time period
If everyone in an economy had equal income, the Lorenz curve would be a curve that intersects the line of income equality at the point at which 50 percent of the population earns 50 percent of the income
a. True b. False Indicate whether the statement is true or false
If a perfect competitor's ATC curve is above its demand curve for every possible output the firm is
A. losing money in the short run. B. losing money in the long run. C. making a profit in the short run. D. making a profit in the long run.