The AVC curve is curve
A. J.
B. K.
C. L.
D. M.
B. K.
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An increase in aggregate supply increases the real domestic output and reduces the price level effects from an increase in aggregate demand.
Answer the following statement true (T) or false (F)
If an increase in price results in no change in total revenue, then demand must be
A) inelastic. B) elastic. C) unit elastic. D) infinitely elastic.
A tremendous flood along the Mississippi River destroys thousands of factories, reducing the nation's capital stock by 5%. What happens to current employment and the real wage rate?
A) Both employment and the real wage rate would increase. B) Both employment and the real wage rate would decrease. C) Employment would increase and the real wage would decrease. D) Employment would decrease and the real wage would increase.
Which of the following is true?
A. People tend to enjoy the process of buying a car more when the process involves difficult choices. B. Budgeting your income will often result in less total spending. C. High prices and rebates on cars simply irritate the consumer and make him feel treated like a fool. D. People prefer the toll ways where they throw in some change every dozen miles or so to a toll road that has one payment at the end of the trip.