If short-run aggregate supply is upward sloping, the assumption is that
A) prices are perfectly sticky. B) prices are set by government mandate.
C) prices adjust gradually. D) prices are constant.
C
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The equilibrium price for a British pound is $1.60. At a price of $1.75 per British pound, there would be excess __________ the dollar and the dollar would __________
A) supply of; appreciate B) supply of; depreciate C) demand for; appreciate D) demand for; depreciate
During an economic boom period, the actual rate of unemployment will be
a. less than the natural rate of unemployment. b. greater than the natural rate of unemployment. c. equal to the natural rate of unemployment. d. unaffected by the economic expansion.
The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each.Number of Pizzas Per DayFixed Cost ($/Day)Variable Cost ($/Day)050002550015050500250755004501005008501255001,650 Between 25 and 50 pizzas per day, the pizzeria's marginal cost is ________.
A. $8 B. $16 C. $6 D. $4
An increase in household income for a good that is considered inferior would
A. move its demand curve to the right. B. cause a movement along the demand curve to a (lower price, higher quantity) point. C. move its demand curve to the left. D. cause a movement along the demand curve to a (higher price, lower quantity) point.