The above figure shows a
A. long-run aggregate demand curve.
B. short-run aggregate supply curve.
C. long-run aggregate supply curve.
D. short-run aggregate demand curve.
Answer: C
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When mark-up equals 50% and AC = MC, then demand elasticity will be
A) -1. B) -1.5. C) -2. D) -3.
If people use quartz as a medium of exchange, then they: a. have a barter economy
b. are using commodity money. c. are using token money. d. are using legal tender. e. are using fiat money.
If the price elasticity of demand was 4.0 (in absolute terms), a 10% off sale would lead to:
a. a 40% increase in purchases by customers. b. a 40% decrease in purchases by customers. c. a 2.5% increase in purchases by customers. d. a 2.5% decrease in purchases by customers.
Which of the following is true of the consumption function? a. A decrease in flat tax results in an upward shift of the consumption function
b. An increase in interest rates results in an upward rotation of the consumption function. c. An increase in the expected future income results in an upward rotation of the consumption function. d. A decrease in the marginal propensity to save results in a downward shift of the consumption function.