In the short run, a change in the equilibrium price will
A) always lead to inflation.
B) cause a shift in the demand curve.
C) cause a shift in the supply curve.
D) cause a change in the quantity demanded or supplied.
D
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If incomes rose proportionately with prices, then in the absence of taxes
a) money would cease to be a veil b) real GDP would increase c) everyone would be worse off d) prices would have no effect on output or well-being e) resources would be over allocated to the present at the expense of future generations
A monopolist is the sole supplier of a good or service for which there are no close substitutes
Indicate whether the statement is true or false
A factory produces 1,000 radios a year, AVC = $10 and TFC = $5,000. The factory’s TC
A. equals $15. B. equals $5,005. C. equals $15,000. D. cannot be determined from the information given.
A leftward shift of a supply curve is called a(n):
a. decrease in demand. b. increase in supply. c. decrease in supply. d. increase in quantity supplied. e. decrease in quantity supplied.