According to your authors, the prohibition on alcohol in the U.S. primarily shifted the ________ curve to the ________
A) supply; right
B) supply; left
C) demand; left
D) demand; right
B
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The tax cuts of 2008 were valued at approximately one percent of GDP
Indicate whether the statement is true or false
If the firms in a market have constant returns to scale internally while there are external economies of scale for the industry, a firm's long-run supply curve will be ________ and the long-run market supply curve will be ________
A) downward sloping; downward sloping B) upward sloping; horizontal C) horizontal; downward sloping D) downward sloping; horizontal E) upward sloping; downward sloping
A nearly vertical aggregate supply curve occurs
A. when the economy is producing close to the maximum output level. B. whenever an economy is in a recession. C. in an economy with considerable cyclical unemployment. D. in an economy with much idle capacity.
The law of demand is based on the observation that
A) people buy less of a product when the product becomes less fashionable. B) people buy more of a product when its price falls. C) people are indifferent to price changes. D) people always want more than they need.