A leftward shift of a supply curve is called a(n)
a. increase in supply.
b. decrease in supply.
c. decrease in quantity supplied.
d. increase in quantity supplied.
b
You might also like to view...
In what sense is frictional unemployment "good" for the economy?
What will be an ideal response?
Even when the Obama administration succeeds with its effort to gain Congressional approval for its stimulus proposals, it will still take time for these policies to actually work. The time it takes for these policies to work is known as
A) automatic stabilization. B) crowding out. C) inside lags. D) outside lags.
Who is hurt and who benefits from inflation? Why?
Hamid spends an hour studying instead of watching TV with his friends. The opportunity cost to him of studying is
a. the improvement in his grades from studying for the hour. b. the improvement in his grades from studying minus the enjoyment of watching TV. c. the enjoyment he would have received if he had watched TV with his friends. d. zero. Since Hamid chose to study rather than to watch TV, the value of studying must have been greater to him than the value of watching TV.