Which is NOT a reason that an aggregate supply curve might slope upward to the right?
A. As production increases, people want to buy less.
B. As production increases, wages are bid up.
C. As production increases, interest rates rise.
D. As prices rise, producers expand output.
A. As production increases, people want to buy less.
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The Keynesian view is that the aggregate supply curve is vertical
a. True b. False Indicate whether the statement is true or false
If a perfectly competitive market is in equilibrium and market demand decreases, which of the following would happen?
a. both producer and consumer surplus would increase b. both producer and consumer surplus would decrease c. producer surplus would decrease and consumer surplus would increase d. producer surplus would increase and consumer surplus would decrease e. producer and consumer surplus would remain unchanged
the board of governors does not
What will be an ideal response?
Refer to the information provided in Table 6.3 below to answer the question(s) that follow. Table 6.3Dozens of Oysters per DayTotal UtilityMarginal Utility160?2104?3134?4152?5?8Number ofBeers per DayTotal UtilityMarginal Utility140?270?394?4114?5?14Refer to Table 6.3. Assume that a store is giving oysters and beers away for free. Consumers can have as many beers and oysters (by the dozen) as they want, but the food has to be consumed one unit at a time. If Tyler has already had one beer and two dozen oysters, then Tyler should
A. consume neither another beer nor another dozen oysters to maximize his utility. B. be indifferent between consuming the second beer or the third dozen oysters. C. next consume a beer to maximize his utility. D. next consume a dozen oysters to maximize his utility.