The ________ curve has a positive slope because as prices of final goods and services rise, prices of inputs rise more slowly
A) short-run aggregate demand B) short-run aggregate supply
C) long-run aggregate supply D) long-run aggregate demand
B
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Group price discrimination has ________ consumer surplus than under ________
A) more; perfect competition B) less; perfect competition C) more; an elastic demand curve D) less; single-price monopoly
One disadvantage of using the government to provide pure public goods is that everyone receives ________ of the public good and has ________ for the public good.
A. the same amount; a different reservation price B. a different amount; the same reservation price C. the same amount; the same reservation price D. a different amount; a different reservation price
According to the law of demand:
A. Price and quantity demanded are inversely related. B. Price is constant along a particular demand curve. C. The demand curve will shift rightward as price increases. D. Businesses will produce more as price increases.
Based on this figure, if the official value of krone is fixed at $0.09 per krone, then the Norwegian krone is ________ and the international reserves of Norway will ________ krone per period.
A. overvalued; decrease by 5,500 B. undervalued; increase by 5,500 C. overvalued; decrease by 2,000 D. undervalued; increase by 2,000