One major difference between the aggregate supply curve and an individual supply curve is the aggregate supply curve represents:
A. goods and services sold rather than the total actually produced by each firm.
B. production in an entire market rather than just one firm.
C. goods and services produced and actually sold by each firm.
D. production in the economy as a whole rather than just one good or service.
Answer: D
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A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
A monopoly sets its price such that demand for the good produced is ______
A. unit elastic B. inelastic C. elastic D. either elastic or inelastic, but never unit elastic
According to the ____ view, a nation's wealth consists of the amount of gold or other monies at its command
a. Keynesian b. free trade c. mercantilist d. monetarist
Trade-offs are involved in most policy decisions
a. True b. False Indicate whether the statement is true or false