An upright vacuum manufacturer is losing ground in the marketplace to manufacturers selling robotic models that offer smart technology. How might this impact the company’s demand curve for labor?
a. It would shift upward.
b. It would shift downward.
c. It would shift to the right.
d. It would shift to the left.
d. It would shift to the left.
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Neither positive nor negative supply shocks a. Change AD
b. Permanently change real output in an economy. c. Change the price level in the long run. d. Do any of the above
What are the benefits and costs associated with monopolistic competition?
What will be an ideal response?
The most basic concept of economics is
A) money. B) scarcity. C) bounded rationality. D) shortage.
In the monetary small open-economy model with a flexible exchange rate, an increase in the foreign price level decreases
A) domestic output, but has no effect on the domestic price level or the nominal exchange rate. B) the domestic price level, but has no effect on domestic output or the nominal exchange rate. C) the nominal exchange rate, but has no effect on domestic output or the domestic price level. D) the domestic price level and the nominal exchange rate, but has no effect on domestic output.