The market supply curve indicates the total quantity all producers in a competitive market would produce at each price,
A. allowing all supply shifters to vary.
B. holding all supply shifters fixed.
C. holding only input price fixed.
D. allowing input price to vary.
Answer: B
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Expected value represents
A) the actual payment one expects to receive. B) the average of all payments one would receive if one undertook the risky event many times. C) the payment one receives if he or she makes the correct decision. D) the payment that is most likely to occur.
Keynes believed
A. recessions were temporary. B. budget deficits were to be avoided at all costs. C. any kind of spending was necessary to get us out of a depression. D. both wages and prices were downwardly flexible.
If you are grocery shopping and you see that the price of beef has risen, and as a result, you change your planned menu for the week and buy chicken instead, the reason your demand curve for beef is downward sloping has mostly to do with
A. the real-balances effect. B. the substitution effect. C. diminishing marginal utility.
Some economists argue that it is easier to resolve demand-pull inflation than it is cost-push inflation. Use the aggregate demand and aggregate supply model to explain this assertion.
What will be an ideal response?