Proponents of the ________ model argue that the short-run supply curve is vertical
A) the monetarist model
B) the new classical model
C) the real business cycle model
D) the new Keynesian model
Answer: C
Economics
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In the following table, the United States has an absolute advantage in producing___________?
| COUNTRY | POTATOES | WHEAT |
| United States | 4 | 2 |
| Ireland | 3 | 1 |
Economics
When two firms in a perfectly competitive market seek to maximize profit in the long run, they eventually end up:
A) producing at a suboptimal level. B) minimizing total cost of production. C) earning the same level of profits. D) producing the same level of output.
Economics
The long-run aggregate supply curve is:
A. vertical. B. horizontal. C. downsloping. D. upsloping.
Economics
The arrangements that individuals have with each other to exchange goods is known as
A. complements. B. a market. C. supply. D. demand.
Economics