Refer to Figure 11-2. The curve labeled "F" is
A) the output supply curve. B) the total product curve.
C) the marginal product curve. D) the average product curve.
D
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The ________ is the European Union's ultimate decision-making body and is composed of the different ministers of the member countries.
A) European Commission B) Council of the European Union C) European Parliament D) European Court of Justice
How much the demand for one good changes in response to a change in the price of a different good is measured by:
A. income elasticity. B. price elasticity of demand. C. cross-price elasticity. D. price elasticity of supply.
In an expansion, federal tax revenues increase proportionally more than real GDP without the need for any government policy. This increase is an example of
A) the effect of deficit spending. B) discretionary fiscal policy. C) automatic fiscal policy. D) automatic monetary policy. E) discretionary monetary policy.
If a government-imposed price ceiling causes the observed price in a market to be below the equilibrium price,
A) there will be excess demand. B) there will be excess supply. C) the curves will shift to make a new equilibrium at the regulated price. D) None of the above.