The aggregate demand (AD) curve is the graphical representation of production in the short run
Indicate whether the statement is true or false
False
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Self-interest makes cartels unstable for all of the following reasons except which one?
A) Each firm has an incentive to be the whistle-blower. B) Each firm has the incentive to produce more than the agreed upon quantity. C) Each firm has the incentive to lower their costs by producing less than the agreed upon quantity. D) Each firm has an incentive to be the first to report and confess cartel behavior.
An inferior good is:
a. any good of low quality. b. one that consumers buy less of at a higher price. c. one that consumers buy less of as their income rises. d. one that has few substitutes. e. any good made with inexpensive labor.
A decrease in the quantity of resources
A) shifts the PPF leftward. B) shifts the PPF rightward. C) moves the economy up a given PPF. D) moves the economy down a given PPF.
Adam is looking for a job in marketing. He has had some offers and his prospects are promising, but he has not yet accepted a job. Amanda lost her job working for Mercury Bicycles because many customers decided they prefer bicycles manufactured by Ultimate Bicycles instead. Who is frictionally unemployed?
a. Adam but not Amanda b. Amanda but not Adam c. both Adam and Amanda d. neither Amanda nor Adam