The slope of a line is the change in the y-axis variable divided by the change in the x-axis variable
Indicate whether the statement is true or false
TRUE
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Refer to the above figure. Suppose the economy's initial equilibrium is represented by the intersection of LRAS2 and AD2
Now there is an increase in labor productivity which increases total planned production at any given price level and aggregate demand remains stable. The resulting change in the economy's long-run equilibrium position would be represented by a A) movement from B to D. B) movement from C to D. C) movement from C to B. D) movement from A to B.
If the price elasticity of demand for a good is 1, then a 3 percent decrease in price results in a
a. 0.1 percent increase in the quantity demanded. b. 1 percent increase in the quantity demanded. c. 3 percent increase in the quantity demanded. d. 4 percent increase in the quantity demanded.
The owner of a perfectly competitive firm sets prices based on cost mark-up.
Indicate whether the statement is true or false.
Refer to the figure below. If Jess chooses A, then Cory's best response is: 
A. to choose A. B. to choose B. C. to choose the cell in which Cory's payoff is 10. D. non-existent.