Refer to the scenario above. What is the quantity effect of the price change?
A) $1,400
B) $2,700
C) $5,400
D) $6,750
C
You might also like to view...
A minimum wage ________
A) is a price ceiling in the labor market B) changes the demand for labor. C) is an effective way of increasing employment D) is a price floor in the labor market
According to the misperceptions theory, the amount by which producers increase their output when the general price level rises depends on
A) the slope of the aggregate demand curve. B) the slope of the long-run aggregate supply curve. C) the size of the Solow residual. D) how much they think their relative prices have increased.
Name two macroeconomic variables that decline when an economy goes into recession, and name one macroeconomic variable that rises
When a tax is lowered this will
A. raise both demand and supply. B. lower both demand and supply. C. lower only supply. D. raise only supply.