The concept of aggregate supply refers to a
A. fixed number of output.
B. list of products demanded.
C. schedule of output.
D. schedule of production costs.
Answer: C
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Economists generally believe that, although there may be advantages to society from ticket-scalping, the costs to society of this activity outweigh the benefits
a. True b. False Indicate whether the statement is true or false
When a major car company lowers its prices, other car makers will probably
a. maintain existing prices. b. raise their prices. c. go out of business. d. lower their prices.
For a firm operating in a perfectly competitive industry:
A.) an improvement in technology will reduce marginal cost. B.) an improvement in technology will shift the firm and industry supply curve to the left. C.) controlling the market price is easily achievable. D.) Both A and B are true.
Which of the following is NOT true according to Say's law?
A. No overproduction is possible in a market economy in the long run. B. Desired expenditures will always be higher than actual expenditures. C. Supply creates its own demand. D. Producing goods and services generates the means and the willingness to purchase other goods and services.