The change in the price of a good leads to a change in ________, which leads to a ________.
A. supply; movement along a supply curve
B. quantity supplied; movement along a supply curve
C. supply; shift of the supply curve
D. quantity supplied; shift of the supply curve
Answer: B
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
A production possibilities curve is plotted for a nation producing chairs and tables. Which of the following will cause a parallel shift in the production possibilities curve?
A) An intensive training program that increases the productivity of employees engaged in the production of tables B) An intensive training program that increases the productivity of employees engaged in the production of chairs C) An increase in the price of both chairs and tables D) An increase in the availability of raw materials required for the production of both chairs and tables
Refer to Figure 2-4. Consider the following movements:
a. from point V to point W b. from point W to point Y c. from point Y to point Z Which of the movements listed above represents advancements in technology with respect to both plastic production and food production? A) b and c only B) a, b, and c C) c only D) b only
What is the most important difference between perfectly competitive markets and monopolistically competitive markets?
What will be an ideal response?