When the price of lamps increases, the:
What will be an ideal response?
quantity supplied increases.
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A vertical curve that defines the level of full-employment or potential output based on a given amount of resources, efficiency, and technology in the economy is called:
A) the short-run aggregate supply curve. B) the long-run aggregate supply curve. C) the aggregate demand curve. D) none of the above.
Theater Upgrades BMC is considering upgrading the sound systems in their theaters so that they can patrons can get the full experience from surround sound movies. They discovered that upgrade costs at locations with 12 screens were $170,000 but were $110,000 at locations with six screens. What are the fixed costs of upgrading at a location?
One important unintended consequence of the Smoot-Hawley Tariff Act was to:
a. lessen the severity of the Great Depression by increasing exports. b. provide the federal government with an effective tool for exercising monetary policy. c. decrease the efficiency of domestic automobile production. d. cause other countries to retaliate and thus leading to a decline in exports. e. increase the U.S. government budget deficit by $15 million.
The elasticity of a demand curve at any point can be ascertained by its steepness
a. True b. False Indicate whether the statement is true or false