One major difference between the aggregate supply curve and an individual supply curve isthe aggregate supply curve represents:
A. production in the economy as a whole rather than just one good or service.
B. production in an entire market rather than just one firm.
C. goods and services sold rather than the total actually produced by each firm.
D. goods and services produced and actually sold by each firm.
A. production in the economy as a whole rather than just one good or service.
You might also like to view...
Define labor productivity. Discuss the relationship between labor productivity, human capital growth, and technology change
What will be an ideal response?
Between 1830 and 1860, the number of miles of railroad in operation increased by
a. roughly 100 percent. b. roughly 500 percent. c. roughly 750 percent. d. over 1000 percent.
Banks create money when they make loans
a. True b. False Indicate whether the statement is true or false
If you know the price of a monopsonist's output and the marginal physical product of labor, what else do you need to know in order to calculate the return to monopsony power?
a. d and e b. c, d, and e c. marginal labor cost d. wage rate e. number of workers