Assuming a long-run aggregate supply curve, a decrease in consumer confidence results in ________ in output and ________ in price level.
A. a decrease; no change
B. no change; a decrease
C. a decrease; a decrease
D. an increase; no change
Answer: B
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Which of the following statements is TRUE for both a competitive market and a single-price monopoly?
A) The firm maximizes profit by producing the quantity at which marginal revenue equals marginal cost. B) The firm can make an economic profit in the long run. C) The price is set where the supply curve and demand curve intersect. D) The firm always produces at the lowest possible long-run average cost.
Which type of financial intermediary is NOT considered a "thrift institution"?
A) commercial banks B) savings-and-loans C) mutual savings banks D) credit unions
Other things being equal, the effect of an increase in the price of Coca-Cola would cause a(n):
a. upward movement along the demand curve for Coca-Cola. b. leftward shift in the demand curve for Coca-Cola. c. downward movement along the demand curve for Coca-Cola. d. rightward shift in the demand curve for Coca-Cola.
What is economic value of an exchange?