Refer to the figure. Assuming this market is representative of the economy as a whole, a positive demand shock will:
A. increase both the price level and the quantity of output produced.
B. increase output but leave prices unchanged.
C. lower the price level but leave output unchanged.
D. raise the price level but leave output unchanged.
D. raise the price level but leave output unchanged.
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In the short run, a perfectly competitive firm might
A) set its price above marginal cost. B) set its price above marginal revenue. C) adjust the size of its fixed inputs. D) operate even though it is incurring an economic loss.
The ________ that required separation of commercial and investment banking was repealed in 1999
A) the Federal Reserve Act. B) the Glass-Steagall Act. C) the Bank Holding Company Act. D) the Monetary Control Act.
Production possibilities curve
What will be an ideal response?
"Price elasticity of supply" is defined as
What will be an ideal response?