A decrease in the expected price level shifts short-run aggregate supply to the
a. right, and an increase in the actual price level shifts short-run aggregate supply to the right.
b. right, and an increase in the actual price level does not shift short-run aggregate supply.
c. left, and an increase in the actual price level shifts short-run aggregate supply to the left.
d. left, and an increase in the actual price level does not shift short-run aggregate supply.
b
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The figure above shows a local lawn cutting service's demand for labor curve when the price of cutting an acre of lawn is $50 per acre. If the price of lawn cutting rises to $60 per acre of lawn cut, the firm's demand for labor curve
A) shifts rightward. B) shifts leftward. C) does not shift at all, but the firm moves upward along the curve. D) None of the above because this change shifts the supply of labor curve.
Refer to Figure 15-15. Why won't regulators require that Erickson Power produce the economically efficient output level?
A) because at the economically efficient output level, the marginal cost of producing the last unit sold exceeds the consumers' marginal value for that last unit B) because Erickson Power will earn zero profit C) because there is insufficient demand at that output level D) because Erickson Power will sustain persistent losses and will not continue in business in the long run
Which of the following are substitute goods?
A) margarine and butter B) peanut butter and jelly C) pizza and beer D) sports utility vehicles and gasoline
The international organization with the sole goal of promoting global antipoverty efforts is the
A) World Bank. B) International Monetary Fund. C) Board of Governors of the Federal Reserve System. D) GAE.