Measures of aggregate output have been published on a regular basis in the United States since
A) 1947.
B) 1933.
C) 1917.
D) 1946.
A
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What will be an ideal response?
If the supply curve of cigarettes shifts to the left, quantity demanded for cigarettes
A) will decrease substantially. B) will increase substantially. C) will slightly increase. D) will slightly decrease.
(1)Qd(2)Qd(3)Price(4)Qs(5)Qs5040$1070806050960708060850609070740501008063040
What will be an ideal response?
Related to the Economics in Practice on page 102: Harriet runs a corner delicatessen and one day decides to raise her prices by 20 percent. Total revenue is likely to ________ when she first raises prices since demand is relatively ________ in the short term.
A. fall; inelastic B. fall; elastic C. rise; inelastic D. rise; elastic