Other things the same, an increase in the expected price level shifts
a. short-run aggregate supply right.
b. short-run aggregate supply left.
c. aggregate-demand right.
d. aggregated-demand left.
b
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Professional organizations (for example, the American Medical Association and the American Bar Association) have been active advocates for regulation to restrict the right of professionals to advertise. Describe what economic incentives might exist for existing professionals to restrict advertising
How are the law of demand and the law of diminishing marginal utility related?
a. The law of diminishing marginal utility explains the law of demand. b. The law of demand explains the law of diminishing marginal utility. c. The law of demand contradicts the law of diminishing marginal utility. d. The law of diminishing marginal utility contradicts the law of demand.
What is an advantage of operating a sole? proprietorship?
A. Demands on owner B. Fewer limitations on personal income C. Resource limitations D. Financial liability E. Limited managerial perspective
One of the benefits of money as a medium of exchange is that
A. it allows individuals to compare the relative value of goods. B. it allows for specialization that leads to economic efficiencies. C. it allows for private transactions such as trading vegetables for medical services. D. over time it will become more valuable so that individuals can purchase more goods and services.