When used in a professional or technical sense, the law of supply and demand refers to
a. some vague influences on economic affairs.
b. the fact that prices go up when commodities are scarce.
c. the market forces that show how prices and quantities are determined.
d. the controls that regulate the amount of scarce goods that each consumer can purchase.
c
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
The unemployment rate reported by the Bureau of Labor Statistics clearly understates the true unemployment rate
a. True b. False Indicate whether the statement is true or false
When deciding what price to charge consumers, the monopolist may choose to charge them different prices based on the customer's gender
a. true b. false
If the price were $20, what would the firm do in the (a) short run? (b) long run?
