The curve in the above graph:
A. can only be a perfectly inelastic demand curve.
B. can only be a perfectly inelastic supply curve.
C. may be either a perfectly inelastic demand curve or a perfectly inelastic supply curve.
D. can be neither a perfectly inelastic demand curve nor a perfectly inelastic supply curve.
C. may be either a perfectly inelastic demand curve or a perfectly inelastic supply curve.
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Describe the provisions of the Sherman Act
What will be an ideal response?
In the long-run equilibrium in perfect competition, consumer surplus is
A) positive. B) negative. C) zero. D) less than producer surplus.
Economic growth implies a
A. Rightward shift of the short-run aggregate supply curve. B. Rightward shift of the aggregate demand curve. C. Rightward shift of the long-run aggregate supply curve. D. Leftward shift of the long-run aggregate supply curve.
The economy of Appleland is experiencing a recession. In the figure given below, AD represents aggregate demand and AS represents aggregate supply in Appleland.
From the Keynesian point of view, Appleland's austerity policy
A. increase its price level to P''. B. does not cause any change in its price level. C. does not cause any change in its real GDP. D. decrease its real GDP to RGDP'.