An increase in the money wage rate shifts the short-run aggregate supply curve...
What will be an ideal response?
leftward, as does an increase in the money prices of raw materials
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During this year, nominal GDP in Syldavia was $720 billion and real GDP was $720 billion. The GDP price index in Syldavia in this year was
A) 0, because nominal GDP equaled real GDP. B) 100. C) 720. D) -1. E) 720 billion.
If two goods are complements, then their
A) indifference curves are positively sloped straight lines. B) indifference curves are negatively sloped straight lines. C) indifference curves are L-shaped. D) marginal rate of substitution is infinity.
A firm's ______ cost is equal to the sum of the ______ costs of the individual units it produces.
A. total; average B. variable; average C. total; marginal D. variable; marginal
A decrease in supply _____ price and _____ the quantity sold.
Fill in the blank(s) with the appropriate word(s).