If the price of a good is initially below the equilibrium level
A) the supply curve will shift leftward.
B) the supply curve will shift rightward.
C) firms supply none of the good.
D) excess demand exists.
D
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What is the most important factor for Federal Reserve currency to be accepted as money?
A) its acceptance by businesses and households in the United States in exchange for goods and services B) its designation as legal tender by the federal government C) the willingness of the federal government to accept it in exchange for an equivalent amount of gold or silver coins D) the willingness of foreign businesses and banks to accept it in exchange for goods and services
Fixed cost is sometimes called
a. total cost b. sunk cost c. variable cost d. marginal cost e. average total cost
How does the text define economic efficiency? Is this an absolute or a relative definition? Would another type of definition be preferable? Why or why not?
What is the median voter model? Describe four different ways in which this theory is predicted to impact the behavior of political candidates