An increase in tariffs on imported goods will shift the aggregate supply curve to the left and cause the level of output to decrease.
Answer the following statement true (T) or false (F)
True
By increasing the costs to U.S. businesses that rely on imported inputs, tariffs cause production costs to rise, shifting the AS curve to the left.
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If the Herfindahl-Hirschman Index for an industry is 8,528, is the industry competitive or concentrated?
What will be an ideal response?
What do Spotify and Apple have in common?
A) The profitability of each firm depends on its interactions with other firms. B) Each company was founded in the same state. C) The industry in which each firm competes is an oligopoly because of government-imposed barriers to entry. D) Each achieved a dominant position in its industry because it owned a key input in the production of its product.
Perfect income equality means:
A. everyone earns exactly what they're worth. B. everyone earns the exact same amount. C. people earn different amounts based on what they do, but everyone in the same job earns the same amount. D. everyone enjoys exactly the same standard of living.
If the short run elasticity of demand for widgets is 1.1 and the long run elasticity of demand for widgets is 3.6, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.