According to Keynesian economists, the aggregate supply curve is
a. horizontal
b. vertical
c. vertical at low levels of output and horizontal at high levels of output
d. horizontal at low levels of output and vertical at high levels of output
e. upward sloping
D
You might also like to view...
The above figure shows the competitive market for turkey. The consumer surplus for the 300 millionth pound of turkey is
A) $2.00 per pound. B) $225 million. C) $0.80 per pound. D) $0.50 per pound.
Which of the following is least likely to limit the ability of a firm to minimize production costs?
A) Resistance by labor. B) The fact that the firm is a nonprofit organization. C) An increase in the amount of competition faced by the firm. D) Legislated input combinations for firms in particular industries, e.g, health care.
Every firm is constrained by the demand curve for the product it produces
a. True b. False
The U.S. economy has grown steadily over the years
a. True b. False Indicate whether the statement is true or false