Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2.
B. P2 and Y2.
C. P3 and Y1.
D. P2 and Y3.
Answer: D
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There is a positive relationship between two variables if
A) neither variable moves. B) they move in the same direction. C) they move in opposite directions. D) one variable changes and the other does not.
The marginal rate of substitution measures
A) the willingness of a consumer to exchange a good with another consumer. B) the willingness of a consumer to pay the form for a good. C) the value in dollars of the last unit of good obtained by the consumer. D) the rate at which a consumer is willing to exchange one good for another.
There will be long-run pressure on the price to fall whenever
A. P>ATC.
B. P
A company classified as a small and medium-sized enterprise (SME) has fewer than 500 employees.
a. true b. false