Shift to the left or right for supply:price of product
What will be an ideal response?
right
You might also like to view...
Producing an amount of GDP equal to potential GDP is most consistent with the economy producing
A) either on or within the production possibilities frontier. B) on the production possibilities frontier. C) beyond the production possibilities frontier. D) either on or beyond the production possibilities frontier. E) within the production possibilities frontier.
Price floors are typically accompanied by a standard series of symptoms. What are they?
What will be an ideal response?
The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of
A) trade-off. B) equity. C) efficiency. D) optimization.
It has been hypothesized that the productivity slowdown could have been caused by all of the following except
a. lower worldwide money growth. b. lower technology growth. c. higher oil prices. d. increased government regulation.