The _____ aggregate supply curve assumed by classical economists means that the equilibrium level of _____ is determined only by the aggregate supply curve
a. vertical; output
b. horizontal; price
c. upward-sloping; price
d. horizontal; output
e. downward-sloping; price
a
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Which of the following is NOT part of the first big economic question?
A) What goods and services are produced? B) How are goods and services produced? C) For whom are goods and services produced? D) Why do incentives affect only marginal costs?
If a 1% change in the price of a good causes a 1% change in the quantity demanded, the good has an elasticity of demand:
A) equal to 0. B) less than 1. C) equal to 1. D) greater than 1.
Second-degree price discrimination occurs when
A) different prices are charged for different blocks of services. B) different groups of buyers are charged different prices based on their price elasticities of demand. C) a different price is charged for each amount of a product purchased. D) None of the above
Which of the following is true of regulation?
What will be an ideal response?