Firms are willing to change the aggregate quantity of output supplied based on price in:
A. the short run only.
B. the long run only.
C. both the short and long run.
D. Price does not affect the quantity that firms supply.
A. the short run only.
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If we use GDP to measure our standard of living, then our procedure is
A) accurate because our standard of living depends solely on goods and services. B) inaccurate because our standard of living only depends on used goods and services. C) inaccurate because our standard of living does not depend only on goods and services. D) inaccurate because our standard of living has nothing to do with goods and services. E) accurate only if we use nominal GDP rather than real GDP.
Given the shutdown rule, what does the firm's short-run supply curve look like? It is the section of the:
A. ATC curve to the right of its minimum. B. MC curve that lies above the ATC curve. C. MC curve that lies above the AVC curve. D. AVC curve to the right of its minimum.
Suppose we were analyzing the pound per Swiss franc foreign exchange market. If Switzerland's risk level rises relative to England and nothing else changes, then
a. Neither supply nor demand in the foreign exchange market change because relative international prices influence trade flows and not the exchange rate. b. The supply of Swiss francs in the foreign exchange market rises, and the demand for Swiss francs in the foreign exchange market falls, causing an appreciation of the Swiss franc. c. The supply of Swiss francs in the foreign exchange market rises, and the demand for Swiss francs in the foreign exchange market rises, causing an uncertain change in the value of the Swiss franc. d. The supply of Swiss francs in the foreign exchange market falls, and the demand for Swiss francs in the foreign exchange market rises, causing an appreciation of the Swiss franc. e. The supply of Swiss francs in the foreign exchange market rises, and the demand for Swiss francs in the foreign exchange market falls, causing a depreciation of the Swiss franc.
Which would cause a leftward shift in the supply curve for telephone service?
a. A decrease in the price of telephones b. An increase in the wage of telephone workers c. An increase in consumer incomes in the economy d. An improvement in telephone technology