If a significant portion of firms in the economy does NOT immediately adjust product prices, then the short-run aggregate supply curve
A. slopes downward.
B. is vertical.
C. is horizontal.
D. slopes upward.
Answer: C
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Which of the following is NOT a consumption good?
A) a U.S. government bond B) a UPS truck C) Nike swimming trunks D) a Subway sandwich E) marriage counseling services
The price chosen by a monopolist:
A) maximizes social surplus. B) maximizes consumer surplus. C) is dependent on the production of other firms. D) is independent of the production of other firms.
Which of the following statements about production isoquants is correct?
A) They show all the combinations of two inputs that result in the same level of output. B) They are usually concave to the origin. C) They show all the combinations of two inputs that yield the same cost of production. D) They represent lower levels of output the farther they are from the origin.
Economic bads are items
A. that individuals desire but which receive social disapproval. B. for which the produced quantity is less than the amount desired at a positive price. C. for which the desired quantity is less than what nature provides at a zero price. D. that receive social approval but which governments dislike.