Which of the following shifts the short-run aggregate supply curve right?
a. both an increase in the price level that is greater than expected and an increase in the expected price level.
b. an increase in the price level that is greater than expected, but not an increase in the expected price level.
c. an increase in the expected price level, but not an increase in the price level that is greater than expected.
d. neither an increase in the price level that is greater than expected nor an increase in the expected price level.
d
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How does elasticity of supply differ for a product that can be stored, compared to a product that cannot be stored?
What will be an ideal response?
An increase in the federal minimum wage will shift the long-run aggregate supply curve to the left
a. True b. False Indicate whether the statement is true or false
The substitution effect causes a consumer to buy less of a product when its price rises because the:
A) consumer's real income has decreased. B) consumer's real income has increased. C) product is now less expensive compared to other products. D) product is now more expensive compared to other products.
What matters to people is the face value of money or income.
Answer the following statement true (T) or false (F)