The slope of a line parallel to the vertical axis is
What will be an ideal response?
infinite.
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What is the equation for the demand (which is also MR) faced by the individual farmer?
In the competitive market for organic corn, market demand is QD = 340 – 2P and market supply is QS= 100 + 4P, where P is the price per bushel, and Q is market output in thousands of bushels. Each individual farmer faces a marginal cost function of MC = 10 + 3q, where q is the single farmer’s output level in thousands.
The level of real GDP in the long run is
A) potential GDP. B) determined solely by aggregate demand. C) affected by changes in the price level. D) the same as the level of nominal GDP in the long run.
If foreign input prices increase and the United States is a purchaser of those inputs, then the U.S
A) AD curve will shift leftward and U.S. prices will fall. B) AD curve will shift rightward and U.S. prices will rise. C) SRAS curve will shift leftward and U.S. prices will rise. D) SRAS curve will shift rightward and U.S. prices will fall
The ________ is based on the ability-to-pay principle.
A. progressive income tax B. personal property tax C. retail sales tax D. proportional income tax