The slope of the aggregate supply curve becomes steeper, the faster the costs of production adjust to prices and the smaller the amount of excess capacity in the economy
a. True
b. False
Indicate whether the statement is true or false
True
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Selling costs, such as advertising, are likely to be a large share of total cost in an industry that is
A) perfectly competitive. B) monopolistically competitive. C) a monopoly. D) non-profit.
When total utility is at its maximum what must be the value of marginal utility?
What will be an ideal response?
Which of the following would be included in the calculation of gross domestic product (GDP)?
a. The value of a used automobile purchased by Jim b. The sale price of a new house purchased by Joe c. The receipt of $100 in food stamps by Sandy d. The $200 that Kurt spends on the purchase of bonds e. The amount of money that Laurie receives as unemployment benefit after losing her job
What is the marginal propensity to consume for the economy described in Scenario 10.1?
a. 0.45 b. 0.85 c. 0.65 d. 0.35 e. Cannot be determined