a schedule or curve that shows the total quantity of output (real GDP) demanded at alternative price levels in a given time period
What will be an ideal response?
aggregate demand
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Assume that, for a particular demand curve, when price rises from $50 to $60, total revenue falls from $8,750 to $7800
a. Based on this information, what is the quantity demanded at each price. b. Without calculating the coefficient of elasticity, is demand over this range elastic or inelastic? How do you know?
Coffee and cream:
A) are both luxury goods. B) are complements. C) are both more inelastic in demand in the long run than in the short run. D) have a positive cross price elasticity of demand.
Rank the components of aggregate demand by their sensitivity to changes in the real interest rate. Start with the most sensitive to the least sensitive.
What will be an ideal response?
A tariff shifts the ___________ curve to the ___________.
A. demand; right B. demand; left C. supply; right D. supply; left