Curve YZ represents _____________.
A. short-run aggregate demand
B. long-run aggregate demand
C. short-run aggregate supply
D. long-run aggregate supply
D. long-run aggregate supply
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An increase in the marginal propensity to save (MPS)
A) increases autonomous consumption. B) increases the value of the multiplier. C) increases the marginal propensity to consume (MPC). D) none of the above.
For a monopoly able to practice perfect price discrimination, the market
A) supply curve is the same as the marginal cost curve. B) supply curve is the same as the marginal revenue curve. C) demand curve is the same as the marginal cost curve. D) demand curve is the same as the marginal revenue curve.
In the short run, a firm in monopolistic competition produces where P = MC
Indicate whether the statement is true or false
What is the difference between willingness to accept and willingness to pay? For a trade to take place, does the willingness to accept have to be lower, higher, or equal to the willingness to pay?
What will be an ideal response?