Refer to the information provided in Figure 28.7 below to answer the question(s) that follow.
Figure 28.7Refer to Figure 28.7. Suppose the economy is at Point C. What can possibly move the economy to Point D?
A. a leftward shift in the AD curve
B. a leftward shift in the AS curve
C. a rightward shift in the AD curve
D. a rightward shift in the AS curve
Answer: B
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A) more than the efficient amount; more than the efficient amount B) more than the efficient amount; less than the efficient amount C) less than the efficient amount; more than the efficient amount D) less than the efficient amount; less than the efficient amount E) the efficient amount; the efficient amount
An example of a bilateral monopoly would be when a union
A) bargains with many different employers. B) deals directly with the final consumers. C) bargains with a monopoly. D) bargains with a monopsony.
Economic profits differ from accounting profits because ________
A) the former is calculated by economists and the latter by accountants B) many firms own their own capital so accounting profits do not factor this cost C) most firms report economic profits once a year and accounting profits every pay period D) all of the above E) none of the above