An increase in production costs will shift? the:
A. aggregate demand curve.'
B. shortrun aggregate supply curve.
C. longrun aggregate supply curve.
D. none of the above.
Ans: B. shortrun aggregate supply curve.
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Refer to Figure 5-3. At the competitive market equilibrium, for the last unit produced
A) the size of the external cost is Pn - Po. B) the size of the external cost is Pm - Po. C) the size of the external benefit is Pn - Po. D) the size of the external benefit is Pm - Po.
U.S. imports are goods and services
A) produced abroad and sold to Americans. B) produced in the United States and sold to Americans. C) produced abroad and sold to foreigners. D) produced in the United States and sold to foreigners.
Recall the Application about the supply of shipping services to answer the following question(s).According to the Application, at a relatively low freight rate, only the ________ efficient ships operate, and they save on cost by traveling at a ________ speed.
A. most; fast B. most; slow C. least; fast D. least; slow
According to the graph shown, consumer surplus is:
A. $15. B. $20. C. $30. D. $10.