When a relevant variable that is not named on either axis changes,
a. there will be a movement along the curve.
b. the curve will rotate clockwise.
c. the curve will be unaffected since only the variables on the axis affect the curve.
d. the curve will shift.
d
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Refer to Figure 9.2. A movement from point a to point b could be caused by a(n)
A) increase in government spending. B) decrease in the price of oil. C) decrease in taxes. D) decrease in short-run aggregate supply.
In comparison with a perfect competition, a single-price monopolist with the same costs creates a ________ consumer surplus and makes a ________ economic profit
A) smaller; larger B) smaller; smaller C) larger; larger D) larger; smaller
Changes in the macro environment affect individual firms and industries through the microeconomic factors of demand, production, cost, and profitability
Indicate whether the statement is true or false
If the price elasticity of demand is between -1 and - , then demand is inelastic
a. True b. False Indicate whether the statement is true or false