In the circular flow diagram, ________ supply the factors of production, and ________ goods and services
A) firms; sell B) households; buy C) firms; buy D) households; sell
B
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Economic growth is represented by a rightward shift of the long-run aggregate supply curve (LRAS)
a. True b. False Indicate whether the statement is true or false
Refer to the following graph. The price of labor is $3 per unit:
What is the minimum cost of producing 100 units of output?
A. $150 B. $105 C. $60 D. $75
Refer to the graph below for a pure monopoly. A profit-maximizing monopolist would set what price and quantity levels in the short run?
A. P1 and Q1
B. P2 and Q3
C. P3 and Q2
D. P4 and Q1