Aggregate supply is upward sloping in the
a. new classical model.
b. classical model.
c. monetarist model.
d. real business cycle models.
e. both a and c.
E
Economics
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An economic model is a simplified version of reality used to analyze real-world economic situations
Indicate whether the statement is true or false
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OPEC has had a sustained effect on the price of oil since it was first founded in 1960
Indicate whether the statement is true or false
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In the United States, imports have exceeded exports in every year since 1979
a. True b. False
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One of the problems created by price floors set above the equilibrium is:
a. consumers complain about high prices. b. firms don't have incentives to reduce costs. c. the creation of surplus. d. how to cope with the shortages. e. the impact on firm profitability.
Economics