In the upward-sloping segment of the aggregate supply curve,
a. increases in output are linked to decreases in the price level.
b. increasing prices drag down resource costs.
c. producers can hire more workers without having to raise the wage rate.
d. the economy can increase aggregate supply without prices going up.
e. firms are willing to pay higher wages to get more labor.
e
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The ________ the portion of your income spent on a good, the ________ is your demand for the good
A) larger; more income elastic B) larger; more price elastic C) smaller; less price elastic D) smaller; more income elastic
Leaders that give the group total freedom
a. autocratic b. laissez-faire c. democratic d. trait
This farmer's shutdown point is at a price of
A. $0.
B. $4.
C. $7.
D. $10.
According to the demand pull theory, which is responsible for inflation?
a. producers raise prices to meet existing demand b. the economy is in a wage price spiral c. too much money is in circulation d. Demand for goods and services exceeds existing supply