The aggregate supply curve is
a. vertical in the long run and slopes upward in the short run.
b. upward sloping in the long run and vertical in the short run.
c. vertical in the short run and in the long run.
d. upward sloping in the short run and in the long run.
a
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Costs to the firm arising from reaching agreements on input prices with suppliers and then ensuring that terms of agreements are fulfilled, are called
A) negotiation costs. B) agency costs. C) transactions costs. D) implicit costs.
A decrease in the discount rate ________ bank reserves and ________ the federal funds rate
A) increases; raises B) increases; lowers C) decreases; raises D) decrease; lowers
The approach to calculating GDP that measures the contribution of each firm to GDP is referred to as the
a. expenditures approach to measuring GDP b. factor payments approach to measuring GDP c. value added approach to measuring GDP d. productivity approach to measuring GDP e. output approach to measuring GDP
The price of season tickets to a performing arts theater decreases by 3 percent. As a result, the quantity demanded increases by 6 percent. The price elasticity of demand for season tickets is:
A. 2. B. 1. C. 0. D. 3.