If the price level rises, what will happen to aggregate supply curve?
A. It will shift outward.
B. It will shift inward.
C. Nothing.
D. It will get steeper.
E. It will get flatter.
Answer: C
You might also like to view...
Use the following diagram to answer the next question.
Suppose the economy currently can be described by NX3. What can we conclude?
A. Both imports and exports are negative. B. Exports are negative and imports are positive. C. The value of exports exceeds the value of imports. D. The value of imports exceeds the value of exports.
Which of the following relationships implies that a firm's short-run cost function is linear?
A) MC = AC B) MC = AVC C) AC = AFC + AVC D) MC > AC
A game involving two players with two possible strategies is a prisoner's dilemma if each player has a dominant strategy and:
A. each player's payoff is higher when both play their dominant strategy than when both play their dominated strategy. B. there is a Nash equilibrium that yields the highest payoff for both players. C. each player's payoff is higher when both play their dominated strategy than when both play their dominant strategy. D. neither player plays their dominant strategy.
Economic analysis is used
A) only by instructors and students in economics to understand the world. B) only by business people to raise profits. C) only by policy makers to make policy decisions. D) in all decision making.