The aggregate supply curve shows the relation between
A. the price level and the aggregate amount of output that firms supply.
B. the supply of goods by firms and the price of goods relative to the price of nonmonetary assets.
C. the inflation rate and the unemployment rate.
D. the real interest rate and the aggregate amount of output that firms supply.
Answer: A
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In the one-input model, the marginal cost curve is U-shaped.
Answer the following statement true (T) or false (F)
Which of the following is TRUE?
A) When resources are allocated on the basis of personal characteristics, all people who are willing and able to pay the price get the resource. B) When the range of activities to be monitored is large and complex, a command system allocates resources better than a market price. C) When a market price allocates resources, some people who are willing and able to pay that price don't get the resource. D) Force helps support the legal system on which markets function.
Refer to Figure 9-1. Under autarky, the producer surplus is
A) $40. B) $105. C) $195. D) $285.
A downward-sloping demand curve shows:
a. the direct relationship between price and quantity supplied; as price increases, the quantity supplied increases. b. the inverse relationship between price and quantity supplied; as price increases, the quantity supplied decreases. c. the direct relationship between price and quantity demanded; as price increases, the quantity demanded increases. d. the inverse relationship between price and quantity demanded; as price increases, the quantity demanded decreases.