Curve XY represents _____________.
A. short-run aggregate demand
B. long-run aggregate demand
C. short-run aggregate supply
D. long-run aggregate supply
C. short-run aggregate supply
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In long-run equilibrium, compared to a perfectly competitive market, a monopolistically competitive industry produces a ________ level of output and charges a ________ price
A) higher; lower B) lower; higher C) lower; lower D) higher; higher
As the quantity of labor increases, the marginal product of labor
A) is constant. B) increases. C) decreases. D) may either increase or decrease.
According to the figure shown, if Starbucks expands in the market, then Dunkin Donuts should:
This figure displays the choices being made by two coffee shops: Starbucks and Dunkin Donuts. Both companies are trying to decide whether or not to expand in an area. The area can handle only one of them expanding, and whoever expands will cause the other to lose some business. If they both expand, the market will be saturated, and neither company will do well. The payoffs are the additional profits (or losses) they will earn.
A. also expand their business.
B. not expand.
C. give an ultimatum.
D. None of these statements is true.
Compared to Keynesians, Real Business Cycle theorists
a) have greater optimism regarding markets b) give a larger role to stabilization policy c) believe technology plays a relatively minor role in short run fluctuations d) are more likely to claim that individuals are unresponsive to price changes e) are relatively unconcerned with productivity shocks