As more of a good is consumed, marginal benefit ________ and as more of a good is produced, marginal cost ________
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
E) does not change; does not change
C
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If potential GDP increases, then in the figure above the potential GDP line ________, and the aggregate supply curve ________
A) does not shift; does not shift B) shifts rightward; does not shift C) does not shift; shifts rightward D) shifts rightward; shifts rightward E) shifts rightward; shifts leftward
The money supply is
A) the rate at which the Federal Reserve Board prints currency. B) limited to currency and coins. C) the amount of money in circulation. D) the rate at which the Federal Reserve Board creates money.
Suppose the short-run supply curve is a straight line of slope +1 that intersects the origin. The long-run supply curve will be
A) horizontal. B) steeper. C) shallower. D) vertical.
The long run for the industry is defined as a period of time long enough for
a. any new firm that desires to enter the industry. b. any old firm that desires to leave the industry. c. all aspects of production to vary and there are no fixed costs. d. All of the above are correct.