An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply.
B. increase in aggregate demand.
C. increase in short-run aggregate supply.
D. decrease in aggregate demand.
Answer: D
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Which of the following would not shift demand curve for union labor to the right?
a. increased demand for union-made goods b. increased labor productivity by lowering quit rates c. increased supply of products that compete with union-made products d. increased labor productivity through better labor-management relations e. appeals to consumers to buy only union-made products
Given demand, the price is found where
A) consumer surplus is maximized. B) average costs equal price. C) price equals marginal revenue. D) marginal revenue equals marginal cost.
The amount of revenue a firm receives for the sale of its products minus its costs of production as measured by its accountants is the firm's
a. earnings. b. retained earnings. c. economic, or real, profit. d. dividend.
The amount sellers receive for a good or service is called ______.
a. total revenue b. net revenue c. total sales d. net sales