Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward
B. Short-run aggregate supply shifting downward
C. Aggregate demand shifting rightward
D. Aggregate demand shifting leftward
Answer: B
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The demand curve for a firm’s product is also the curve showing
A. total revenue. B. marginal revenue. C. average revenue. D. average profits.
Subjective probabilities are based on ________ and ________ data.
A) best estimates; not on B) relative frequencies; not on C) relative frequencies; on D) best estimates; on
A(n) ____ may offer products that are either differentiated or identical
a. monopolistically competitive firm b. monopolist c. oligopolistic firm d. perfectly competitive firm e. monopsonist
Suppose that a firm operating in perfectly competitive market sells 300 units of output at a price of $3 each. Which of the following statements is correct? (i) Marginal revenue equals $3. (ii) Average revenue equals $100. (iii) Total revenue equals $300
a. (i) only b. (iii) only c. (i) and (ii) only d. (i), (ii), and (iii)