Aggregate demand and aggregate supply must be combined to determine the price level and the "real" GDP.
Answer the following statement true (T) or false (F)
True
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Total revenue is:
A. cost multiplied by quantity of each item produced. B. price multiplied by quantity subtracted from total cost. C. price multiplied by quantity of each item sold. D. None of these is true.
In medieval Europe, small farmers held their land in several scattered plots, even though this created obvious inefficiencies. Which of the following is an economic explanation of such behavior? a. Medieval farmers did not use rational decision making. b. Medieval farmers were not as clever as their modern counterparts. c. Medieval farmers were attempting to reduce their risk. d. Medieval farmers put up with scattering as a natural consequence of marriage and inheritance.
a. Medieval farmers did not use rational decision making. b. Medieval farmers were not as clever as their modern counterparts. c. Medieval farmers were attempting to reduce their risk. d. Medieval farmers put up with scattering as a natural consequence of marriage and inheritance.
Current assets minus current liabilities equals
a. profit b. equity c. capital d. revenue e. net working capital
Suppose that the market for candy canes operates under conditions of perfect competition, that it is initially in long-run equilibrium, and that the price of each candy cane is $0.10. Now suppose that the price of sugar rises, increasing the marginal and average total cost of producing candy canes by $0.05; there are no other changes in production costs. Based on the information given, we can conclude that in the long run we will observe:
Select one: A. neither entry nor exit from the industry. B. firms leaving the industry. C. firms entering the industry. D. some firms entering and some firms leaving.