A supply curve is also a maximum-supply-price curve
Indicate whether the statement is true or false
FALSE
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell. The slope between points B and C equals
A) 16. B) 8. C) 4. D) 2. E) 14.
Figure (a) represents the domestic demand and supply of televisions. Suppose free trade is allowed and the current world price of televisions is P1 as shown in Figure (b). Now suppose the domestic government imposes a tariff increasing the domestic price to P2 in Figure (b). This tariff
a. Q3 minus Q1.
b. Q4 minus Q1.
c. Q2 minus Q1.
d. Q4 minus Q3.
The negative slope of a production possibilities frontier is a graphic representation of opportunity cost
a. True b. False Indicate whether the statement is true or false