Answer the question based on the following list of items that are related to aggregate demand and/or aggregate supply.
Refer to the list above. A change in which factor is most likely to change both aggregate demand and aggregate supply?
A. 3
B. 5
C. 7
D. 6
C. 7
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In monopolistic competition, the products of different sellers are
A) identical. B) similar but slightly different. C) unique without any close or perfect substitutes. D) perfect substitutes. E) either identical or differentiated.
Refer to Scenario 11.1. Suppose all five ranchers know that Mariana has $3 million to spend on their land and they also know that their land that Mariana needs is worth a total of $2 million
Each rancher believes that one or more of the other ranchers will settle for less than the maximum value of their land and therefore each decides to ask Mariana to pay $750,000 for their parcel of land. In this situation, the economic pie will A) grow by $3.75 million. B) grow by $3 million. C) not grow. D) shrink by $1 million.
When a firm doubles its inputs, its output:
A. will less than double. B. will double. C. will more than double. D. All of these are possible.
The horizontal dotted line is
A. a price ceiling.
B. a price floor.
C. either a price ceiling or a price floor.
D. neither a price ceiling nor a price floor.