In the 1990s, the rising value of the U.S. dollar made imported goods cheaper and this shifted the
A. aggregate demand curve outward.
B. aggregate supply curve inward.
C. aggregate supply curve outward.
D. total expenditures curve upward.
Answer: C
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In a competitive industry buffeted by demand and supply shocks, prices increase and decrease, but economic profits tend to revert to zero. Hence, profits are exhibiting
a. Above-average return b. Positive earnings c. Mean reversion d. None of the above
The demand curve for a monopolist's output is
a. horizontal. b. shallower than the market demand curve. c. steeper than the market demand curve. d. identical to the market demand curve.
A utility possibilities frontier need not incorporate the utility of every individual.
A. True B. False C. Uncertain
Use the graph below to identify: (a) break-even points; (b) the profit-maximizing level of output; and, (c) letters showing largest difference between total revenue and total costs and the output level
What will be an ideal response?