A supply curve shows the relationship between:
A) output and the total cost of production.
B) output and prices.
C) output and consumer income.
D) output and revenue.
B
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If a change in the tax laws leads to a $100 billion decrease in tax revenue, then aggregate demand
A) increases by $100 billion. B) increases by less than $100 billion. C) increases by more than $100 billion. D) decreases by $100 billion. E) decreases by more than $100 billion.
Fast Copy is a perfectly competitive firm. The figure above shows Fast Copy's cost curves. The current market price is 4 cents per page. With no change in demand and technology, in the long run, the price will
A) remain unchanged. B) rise to 5 cents per page. C) fall to 2 cents per page. D) fall to 1 cent per page.
Ricardian view on debt is that the form of government finance is irrelevant.
A. True B. False C. Uncertain
The demand curve facing a monopolistically competitive firm is generally
a. steeper than the demand curve that would face a perfectly competitive firm in the same industry. b. less elastic than the demand curve that would face a monopoly in the same industry. c. steeper and more elastic than the demand curve that would face a perfectly competitive firm in the same industry. d. flatter than the demand curve that would face a monopoly in the same industry.