In the intermediate range the aggregate supply curve is
A. upward sloping.
B. downward sloping.
C. vertical.
D. horizontal.
A. upward sloping.
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Which one of the following does NOT contribute to economic growth?
A) increases in the price level B) the growth of capital and labor productivity C) the growth of the labor force D) the growth of the capital stock
If real GDP grows by 3 percent, the velocity of circulation grows by 4 percent, and the quantity of money grows by 3 percent, then in the long run the inflation rate is
A) 0 percent. B) 7 percent. C) 10 percent. D) 4 percent. E) -4 percent.
A supply curve
A) is a curve that shows the relationship between the price of a product and the quantity of the product supplied. B) is the relationship between the supply of a good and the cost of producing the good. C) is a curve that shows the relationship between the price of a product and the quantity of the product that producers and consumers are willing to exchange. D) is a table that shows the relationship between the price of a product and the quantity of the product supplied.
If good X is a normal good and its price rises, then quantity demanded
a. may or may not fall. b. will always fall. c. will always rise. d. will remain unchanged.