The long-run aggregate supply curve is
A. vertical.
B. downward sloping.
C. horizontal.
D. upward sloping.
Answer: A
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Refer to Figure 3-2. A decrease in productivity would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
Households' expenditure on goods and services are sources of revenue for the firms
a. True b. False Indicate whether the statement is true or false
If Congress voted to eliminate the minimum wage, which of the following would most likely occur?
a. Decrease in unit costs and an upward shift of the aggregate supply curve b. Decrease in unit costs and an upward movement along the aggregate supply curve c. Decrease in unit costs and a downward shift of the aggregate supply curve d. Increase in unit costs and an upward shift of the aggregate supply curve e. Increase in unit costs and an upward movement along the aggregate supply curve
It costs $5,000 to produce ten visits and $6,000 to produce 20. At a volume of 20,
A. average cost is $300 and marginal cost is $100. B. average cost is $500 and marginal cost is $100. C. average cost and marginal cost are $300. D. average and marginal cost cannot be calculated from these data.