A supply shock is an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply and thus the Phillips curve.
Answer the following statement true (T) or false (F)
True
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Explain why choosing which job to apply for constitutes a game, while choosing where to order pizza for dinner is more likely just a decision
What will be an ideal response?
Refer to Table 1-4. Using marginal analysis, how many hours should Eva extend her bakery's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
Assume a perfectly competitive firm is producing a level of output at which MR < MC. What will happen as the firm moves to its profit-maximizing equilibrium?
A) Marginal revenue will rise. B) Marginal revenue will fall. C) Marginal cost will rise. D) Marginal cost will fall.
A large majority of economists favor eliminating the minimum wage
a. True b. False Indicate whether the statement is true or false