Figure 4-16
Assume that Figure 4-16 shows the supply of new houses. An improvement in the technology for building houses will shift supply from
a.
S1 to S2.
b.
S2 to S1.
c.
S3 to S2.
d.
S3 to S1.
a
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If the price of gasoline increases significantly, then we'd expect the demand curve for large hybrid and electric cars to
A. not shift, but there will be a movement along that demand curve. B. shift to the right. C. shift to the left. D. become upward-sloping.
Price flexibility is a key feature of ________
A) traditional Keynesian theory B) new Keynesian theory C) real business cycle theory D) traditional Keynesian, new Keynesian and real business cycle theory
Which of the following will cause an increase in aggregate supply?
A) decreased competition B) an increase in the price level C) an increase in marginal tax rates D) a decrease in input prices
For a firm in a perfectly competitive market, the price of the good is always
a. equal to marginal revenue. b. equal to total revenue. c. greater than average revenue. d. equal to the firm's efficient scale of output.