Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2.
B. P3 and Y1.
C. P2 and Y2.
D. P2 and Y3.
Answer: D
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If a tax rate falls as a person's income rises, the tax is a
a. proportional tax b. progressive tax c. regressive tax d. a poll tax e. a head tax
Figure 13-3
?
Oligopolist A cuts price in an attempt to enlarge his share of the market. His competitors retaliate with identical price cuts. In this case, in Figure 13-3, oligopolist A will move from point A to which point?
A. B B. C C. D D. E
A perfectly competitive market
a. may not be in the best interests of society, whereas a monopoly market promotes general economic well-being b. promotes general economic well-being, whereas a monopoly market may not be in the best interests of society. c. and a monopoly market are equally likely to promote general economic well-being. d. is less likely to promote general economic well-being than a monopoly market.
Refer to the following graph.
Marginal utility is:
A. negative between A and B. B. negative between B and C. C. negative between C and D. D. not negative anywhere along the total utility curve.