A surplus of peanuts implies
A) more peanuts have been produced than can be used currently.
B) peanuts are not currently scarce.
C) there is currently no demand for peanuts.
D) all of the above.
E) none of the above.
E
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Governments can most effectively encourage a firm to produce the efficient level of output of a good whose production causes a beneficial externality by
A. increasing the demand at every price for the good. B. subsidizing the production of the good. C. taxing the production of the good. D. imposing a price ceiling on the good.
Which of these is most likely to shift the long-run aggregate supply curve to the left?
What will be an ideal response?
What is the input-substitution effect?
What will be an ideal response?
With the real wage on the vertical axis and the unemployment rate on the horizontal axis, we know that
A) the WS curve is upward sloping. B) the WS curve is downward sloping. C) the PS curve is upward sloping. D) the PS curve is downward sloping.