If aggregate demand shifts right then in the short run
a. firms will increase production. In the long run increased price expectations shift the short-run aggregate supply curve to the right.
b. firms will increase production. In the long run increased price expectations shift the short-run aggregate supply curve to the left.
c. firms will decrease production. In the long run increased price expectations shift the short-run aggregate supply curve to the right.
d. firms will decrease production. In the long run increased price expectations shift the short-run aggregate supply curve to the left.
b
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Explain the difference between a sole proprietorship and a partnership
What will be an ideal response?
At the equilibrium price, deadweight loss is:
A. minimized. B. zero. C. maximized. D. equal to the equilibrium price multiplied by the quantity exchanged.
The BEA is the
A. Bureau of Educational Administration. B. Bureau of Educational Analysis. C. Bureau of Economic Alliances. D. Bureau of Economic Analysis.
Suppose you have a fixed amount of income to spend on two goods, X and Y. The price of good X is Px = $10, and the price of good Y is Py = $5. The marginal utility of X is MUx = 60 utils, and the marginal utility of Y is MUy = 15 utils. How should consumption of X and Y change, if at all, to increase utility?
What will be an ideal response?