The short-run aggregate supply curve is a relationship between
A) real GDP and price level. B) capital goods and consumer goods.
C) unemployment and real GDP. D) inflation and time.
A
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If the price of aluminum used to make bicycles increases, the price of a bicycle rises because of a
A) rightward shift of the demand curve for bicycles. B) rightward shift of the supply curve of bicycles. C) leftward shift of the demand curve for bicycles. D) leftward shift of the supply curve of bicycles.
If there are low barriers to entry, a monopolist
A) might undertake investment to lower marginal cost in the face of a potential rival. B) will undertake investment to lower marginal cost in order to increase profits. C) will not undertake investment to lower marginal cost under any circumstances because profits are lower. D) Both A and B.
One of the costs of shifting from a business form that has unlimited liability to one that has limited liability is the
a. reduction in profit levels b. loss of expansion opportunity c. loss of a white knight d. loss of complete control over all aspects of the business e. unlimited debt potential
Suppose you are viewing a graph of the total revenue generated from the sale of bananas. On the horizontal axis, the numbers indicate the quantity of bananas. On the vertical axis the numbers indicate total revenue. The slope of the line represents
a. b and e b. marginal revenue c. average variable costs d. total revenue e. price