Inferior goods are substandard.
Answer the following statement true (T) or false (F)
False
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The potential rewards that are available to an individual if a particular activity is undertaken are known as
A) premiums. B) gifts. C) incentives. D) intrinsic values.
At a perfectly competitive firm, all of the following is true of the MRP curve EXCEPT
A) the MRP curve is the derived supply of labor. B) the MRP curve shifts leftward when labor productivity falls. C) the MRP curve shifts rightward when the product price rises. D) the MRP curve shifts leftward when the demand for the final product falls.
The short-run aggregate supply curve (SRAS) slopes upward to the right because unexpected increases in prices will
a. increase aggregate demand as consumers buy more. b. decrease aggregate demand as consumers buy less. c. cause firms to expand output since the higher product prices will improve profitability. d. cause firms to reduce output since the higher product prices will decrease profit margins.
A decrease in government spending is one of the options that can be used to pursue a contractionary fiscal policy.
Answer the following statement true (T) or false (F)