The demand and supply curves cross at the _____ point.
Fill in the blank(s) with the appropriate word(s).
equilibrium
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A supply shock is an ________ event that shifts the aggregate ________ curve
A) external; supply B) external; demand C) internal; demand D) internal; supply
During the summer you have made the decision to attend summer school, which prevents you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000 and books and supplies cost $1,300
In terms of dollars, the opportunity cost of attending summer school is A) $10,300. B) $6,000. C) $4,300. D) $3,300.
If a business is losing money on the goods it is producing, this indicates that
a. the business is producing the goods at the lowest possible cost. b. the resources used to produce the goods are too expensive and need to be subsidized in order to be used productively. c. the resources would be used more productively producing other things. d. the consumer values the goods highly relative to costs.
The substitution effect from a rise in the price of pizza
A) leads to a movement along the fixed budget line, due to a change in relative prices. B) increases the quantity demanded of pizza. C) decreases the quantity demanded of pizza. D) Both answers A and B are correct.