The aggregate supply curve slopes upward because as price rises the quantity of output supplied rises
a. True
b. False
Indicate whether the statement is true or false
True
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Average total costs are total costs divided by
A) total output. B) total fixed costs. C) total variable costs. D) the total number of workers employed.
The Hound Dog Bus Company contemplates expanding its New Mexico operations by offering service from Raton to Milk-of-Magnesia. The total cost of the trip would be $400, of which $150 is fixed cost, which it has already paid. The firm expects to earn $275 in revenue from the trip. The Hound Dog Bus Co should
a. offer this service because it will earn a positive economic profit b. not offer this service because the marginal revenue is less than the marginal cost c. offer this service because the revenue exceeds fixed cost d. not offer this service because the total cost exceeds the total revenue e. offer this service because the added revenue exceeds the added cost of this service
If foreign real national income rises, the U.S. ____________ curve shifts _____________. When labor productivity increases the _____________ curve shifts _______________. If both of these situations occur simultaneously, the combined result would be a(n) ______________ the price level and a(n) __________________ Real GDP in the United States
A) AD; leftward; SRAS; rightward; decrease in; indeterminant impact on B) AD; rightward; SRAS; leftward; increase in; indeterminant impact on C) SRAS; leftward; SRAS rightward; indeterminant impact on; indeterminat impact on D) AD; rightward; SRAS; rightward; indeterminant impact on; increase in
Refer to the above graph. The monopolist's profits:
A. will be equal to the area P1P3AC. B. will be equal to the area P1P3AE. C. will be equal to the area P2P3B. D. cannot be determined from the information given.