Refer to the graph above. If aggregate supply shifts from AS 1 to AS 2, then the price level will:
Increase and real domestic output will increase
Decrease and real domestic output will increase
Increase and real domestic output will decrease
Decrease and real domestic output will decrease
Increase and real domestic output will decrease
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To sell more units, a monopolist
A) simply moves across its horizontal demand curve to a larger quantity. B) moves down its demand curve to a lower price that will increase quantity demand. C) can continue to receive the same price it always has as long as it has its customers' goodwill. D) must be willing to lower the barriers to entry that have protected it.
The official rate of unemployment is based on a(n)
a. door-to-door survey. b. telephone survey. c. employer survey. d. payroll survey.
You know that a candy bar costs sixty cents today. You also know the CPI for 1962 and the CPI for today. Which of the following would you use to compute the price of the candy bar in 1962 prices?
a. sixty cents (today's CPI - 1962 CPI) b. sixty cents (1962 CPI - today's CPI) c. sixty cents (today's CPI / 1962 CPI) d. sixty cents (1962 CPI / today's CPI)
The replacement of older products by newer improved ones is called
What will be an ideal response?