If there was no misperception effect, but there was a profit effect in the short run, then SRAS is ____ and LRAS is ____
a. upward sloping: vertical
b. upward sloping; upward sloping
c. vertical; vertical
d. vertical; upward sloping
a
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When there are sustained increases in real GDP over time, we say that the economy is undergoing
A) a recession. B) economic growth. C) massive changes in productive capacity. D) economic stagnation.
Explain the role played by technological change in classical growth theory, neoclassical growth theory, and new growth theory
What will be an ideal response?
There is no good basis for dividing federal and state regulatory jurisdictions
Indicate whether the statement is true or false
If Matthew raises the price of his muffins from $2 to $3 and his total revenue increases from $35,000 to $38,000 . then
a. the demand for Matthew's muffins in this price range is price elastic b. the demand for Matthew's muffins in this price range is price inelastic c. the demand for Matthew's muffins in this price range is unit elastic d. the percentage change in quantity demanded must exceed the percentage change in price e. we know this is impossible because it violates the law of demand