If the costs of production increase, there is
A) a decrease in aggregate supply and the AS curve shifts rightward.
B) a decrease in the quantity of real GDP supplied and a movement down along the AS curve.
C) a decrease in aggregate supply and the AS curve shifts leftward.
D) an increase in the quantity of real GDP supplied and a movement up along the AS curve.
E) an increase in aggregate supply and the AS curve shifts rightward.
C
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The cross elasticity of demand is a measure of how
A) responsive consumers are to changes in the price of a product. B) responsive suppliers are to changes in the price of a product. C) demand for a product changes when the price of a substitute or complement changes. D) total revenue changes when the price of a product changes. E) demand for a product changes when income changes.
Daniel enjoys both soda and pizza, allocating his purchases across these two goods so that his utility is maximized. If Daniel receives one-third as much utility from the last can of soda as from the last slice of pizza, we can say that:
a. the price of pizza is one-third that of soda. b. the price of pizza is equal to that of soda c. the price of pizza is twice that of soda. d. the price of pizza is three times that of soda.
Given a perfectly competitive market structure at the profit-maximizing output level, a firm's total fixed cost is $15, total variable cost is $137, marginal revenue is $4, and the quantity demanded is 65 . The total profit earned by the firm is $108
a. True b. False Indicate whether the statement is true or false
According to Angus Madison, a leading authority in the area, world per capita GDP
What will be an ideal response?