The aggregate supply curve slopes
a. downward because firms can sell more at lower prices.
b. downward because firms can hire more workers at lower prices.
c. upward because firms want to hire more workers at higher wage levels.
d. upward because firms can hire labor at fixed wages for short-run periods.
d
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In a given year, a country's GDP = $9841, net factor payments from abroad = $889, taxes = $869, transfers received from the government = $296, interest payments on the government's debt = $103, consumption = $8148, and government purchases = $185
The country had private saving equal to A) $285. B) $3850. C) $2397. D) $2112.
The most severe depression in the United States was the 30 percent decrease in real GDP that occurred between
A. 1899 and 1913. B. 1929 and 1933. C. 1959 and 1963. D. 1979 and 1983.
To economists, investment means buying stocks and bonds.
Answer the following statement true (T) or false (F)
Consider the game tree in Figure 12.8. If Store A and Store B could coordinate their decisions:
A. both firms choose to advertise and earn profits of $200 each. B. both firms choose not to advertise and earn profits of $300 each. C. only Store A advertises and earns a profit of $400. D. only Store B advertises and earns a profit of $400.