The aggregate supply curve will be vertical when
A. output can be increased without an increase in the price level.
B. the economy is operating at the full employment level of real GDP.
C. the output and price level rise together.
D. aggregate demand is shifting to the left.
B. the economy is operating at the full employment level of real GDP.
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Refer to Table 11-1. What is the marginal product of the 4th worker?
A) 137 pounds B) 50 pounds C) 12.5 pounds D) 5 pounds
The above figure shows the reaction functions for two pizza shops in a small isolated town. The Stackelberg leader will produce
A) 25 pizzas. B) 50 pizzas. C) 66.7 pizzas. D) 100 pizzas.
Matt has $2000 saved for a trip at Spring Break. Over Christmas break he decides to spend $400 of it on gifts instead of putting the gifts on his credit card, thus avoiding interest charges. He gradually replaces it in his savings account over the next two months. An economist would say this behavior is:
A. rational. B. irrational. C. utility minimizing. D. not observable.
When the supply of land is upward sloping,
a. all land owners earn land rents b. the demand for land must intersect it c. all land owners have the same supply price d. different supply prices are generated for different lands e. a rightward shift in demand causes land rents to fall