A supply curve
A) has an indirect or negative relationship between price and quantity supplied.
B) has a direct or positive relationship between price and quantity supplied.
C) shows the relationship between quantity supplied and income.
D) shows the relationship between complements.
Answer: B
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In a long-run monopolistically competitive equilibrium
A) P = ATC, and ATC is not at its minimum value. B) P = ATC, and ATC is at its minimum value. C) P > ATC, and ATC is at its minimum value. D) P > ATC, and ATC is not at its minimum value.
Which of the following is not correct?
A. Where marginal product is greater than average product, average product is rising. B. Where total product is at a maximum, average product is also at a maximum. C. Where marginal product is zero, total product is at a maximum. D. Marginal product becomes negative before average product becomes negative.
If planned investment is ________ to changes in the interest rate, the planned investment schedule is horizontal.
A. positively related B. perfectly unresponsive C. perfectly responsive D. negatively related
A move up, along the short-run Phillips curve represents a decrease in the unemployment rate.
Answer the following statement true (T) or false (F)