In the Keynesian theory, an exogenous decrease in the demand for money shifts
a. the LM curve to the right.
b. the LM curve to the left.
c. the IS curve to the right.
d. the IS curve to the left.
e. neither the IS or LM curves.
B
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The demand schedule for a commodity illustrates how the consumption of a commodity changes with changes in:
A) its price. B) tastes and preferences. C) supply. D) income.
New firms enter a monopolistically competitive market structure in the long run if the price charged by the existing firms in the short run ________
A) exceeds the average total cost of production B) equals the average fixed cost of production C) equals the average variable cost of production D) equals the price charged in a perfectly competitive market
Which of the following represents the law of supply?
A) An increase in the price of a good causes an increase in the supply of that good. B) An increase in the price of a good causes a rightward shift of the supply curve for that good. C) An increase in the price of a good causes an increase in the quantity supplied of that good. D) all of the above
When the marginal product curve lies above the average product curve
A. the average product curve must be falling. B. the average product curve must be rising. C. the total product curve must be falling. D. the marginal product curve must be rising.