Some of the factors that can shift the short-run aggregate supply curve can also cause a shift in the long-run aggregate supply curve
Indicate whether the statement is true or false
True
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When demand is elastic,
A) changes in price and changes in total revenue move in the same direction. B) there is no relationship between changes in price and changes in total revenue. C) changes in price and changes in total revenue move in opposite directions. D) for any change in price, total revenue will not change.
According to the book, Akio Morita (the founder of Sony) drew a long-run average cost curve that was
A) U-shaped. B) V-shaped. C) W-shaped. D) horizontal
The international trade effect explains that higher prices make domestic goods
a. more expensive, causing imports to rise and exports to fall b. more expensive, causing imports and exports to fall c. more expensive, causing imports to fall and exports to rise d. less expensive, causing imports and exports to fall e. less expensive, causing imports to fall and exports to rise
Under EPA regulations, a factory
a. must pay for the right to pollute. b. can increase air pollution from its grinding process if it decreases air pollution from its smelting process. c. cannot under any circumstances build a polluting factory in an area where pollution standards are not being met by existing firms. d. None of the above is correct.