When aggregate demand shifts left along the short-run aggregate supply curve,
a. unemployment and prices rise.
b. unemployment rises and prices fall.
c. unemployment falls and prices rise.
d. unemployment and prices fall.
b
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If movie theaters began collecting more gross income from ticket sales after lowering ticket prices, we would know
A) movie patrons were not behaving consistently with the law of demand. B) movie quality must have increased. C) the demand for movie tickets was elastic. D) the demand for movie tickets was inelastic. E) the supply of movies had increased.
In The Distinguished Gentleman, Eddie Murphy plays a con man with a name similar to that of a long-running congressional representative. When the politician dies, Murphy runs for office using the politician's name: Jeff Johnson. He's careful not to go on camera but uses taglines in commercials such as "Johnson: The name you trust." He eventually achieves a slim victory. How does Murphy's character use voter ignorance to win the election?
A. He's expecting most voters not to investigate him too much. B. He's expecting most voters to neither investigate him too much nor know that their congressman died. C. He's expecting that most people won't remember his campaign promises. D. He's expecting most voters not to know their congressman died.
Which of the following does not constitute an act of "investment" as economists use the term?
A. An accountant attends a seminar on changes in the federal tax code. B. A department store increases its inventory of football jerseys before the Super Bowl. C. The city council authorizes the construction of a new fire station. D. A retiree buys 50 shares of stock at $10 a share and then sells the stock at a profit for $20 a share.
A firm in an oligopolistic industry has the following demand and total cost equations:
P = 600 - 20Q and TC = 700 + 160Q + 15Q2 Calculate: a. quantity at which profit is maximized b. maximum profit c. quantity at which revenue is maximized d. maximum revenue e. maximum quantity at which profit will be at least $580 f. maximum revenue at which profit will be at least $580