A move from S4 to S1 is a(n)
A. an increase in quantity supplied.
B. a decrease in quantity supplied.
C. an increase in supply.
D. a decrease in supply.
D. a decrease in supply.
You might also like to view...
Suppose that a pure monopoly calculates that at its present output level, marginal revenue is $1 and marginal cost is $2. The monopoly could maximize profits or minimize losses by ________.
A. increasing price and decreasing output B. increasing price and increasing output C. leaving price unchanged and decreasing output D. decreasing price and leaving output unchanged
In the Classical model, high unemployment ________.
A. occurred when the equilibrium GDP was too low B. could last for a long period of time C. would cause wages to fall D. required government intervention to reduce it
Refer to Figure 27-1. Suppose the economy is in short-run equilibrium below potential GDP and Congress and the president lower taxes to move the economy back to long-run equilibrium
Using the static AD-AS model in the figure above, this would be depicted as a movement from A) A to B. B) C to B. C) B to C. D) A to E. E) B to A.
A firm bought a pizza oven for $13,500 and if it shut down now, could sell the oven for $9,500. Which of the following statements is TRUE?
A) The relevant cost of the oven when considering shutting down is $13,500. B) The relevant cost of the oven when considering shutting down is $9,500. C) The relevant cost of the oven when considering shutting down is $4,000. D) The cost of the oven does not matter when deciding whether or not to shut down.