All of the following will shift the short-run aggregate supply (SRAS) curve EXCEPT
A) a change in the price of labor. B) technological progress.
C) a change in the price of a needed raw material. D) a change in the price level.
D
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Say that a monopolist is currently operating on the inelastic region of its demand curve. To maximize its profits, it should: a. raise its prices
b. lower its prices. c. maintain its current price. d. either raise or lower its prices, depending on how high its marginal cost curve is.
Stagflation results from continued decreases in aggregate demand
a. True b. False Indicate whether the statement is true or false
Fluctuations in employment and output result from changes in
a. aggregate demand only. b. aggregate supply only. c. aggregate demand and aggregate supply. d. neither aggregate demand nor aggregate supply.
Consumer surplus is:
a. ?the amount by which quantity supplied exceeds quantity demanded at the current market price. b. ?valued by the difference between the maximum price consumers are willing to pay and the amount they actually pay. c. ?the change in total utility derived from a one-unit change in the consumption of a good. d. ?the amount by which quantity demanded exceeds quantity supplied at the current market price. e. ?the horizontal sum of the individual demand curves for all consumers in the market.