The short-run aggregate supply curve is ________ and the long-run aggregate supply curve is _________.
A. upward sloping; horizontal
B. vertical; upward sloping
C. vertical; horizontal
D. upward sloping; vertical
E. none of the above
Answer: D. upward sloping; vertical
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An increase in the interest rate
A) lowers the present value of future revenue. B) increases the present value of future revenue. C) has no effect on the present value of future revenue. D) shifts the demand curve for capital leftward.
If resale price maintenance leads to a shift in the market demand that equals the shift in the market supply, the quantity of the good sold will ________ and the manufacturer's profit will ________.
A) increase; not change B) not change; not change C) decrease; decrease D) not change; decrease
The unemployment rate rises any time there is an increase in the number of unemployed persons
a. True b. False Indicate whether the statement is true or false
Refer to the diagram. Total utility:
A. increases so long as additional units of Y are purchased.
B. becomes negative at 4 units.
C. increases at a diminishing rate, reaches a maximum, and then declines.
D. is maximized at 2 units.