A recessionary gap is usually closed in the long run by a(n) _____
Fill in the blank(s) with the appropriate word(s).
rightward shift of the short-run aggregate supply curve.
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Profit is the difference between
A) total revenue and total explicit cost. B) total revenue and total cost. C) total revenue and variable cost. D) marginal revenue and marginal cost.
The impact of monetary policy on the cost of capital is emphasized by
A) supply-side economists. B) Monetarists. C) Keynesians. D) rational expectations theorists.
The monopolistically competitive firm differs from monopoly in that its
a. demand curve is flatter. b. demand curve slopes downward. c. MR curve lies below its demand curve. d. profit is maximized where MR = MC.
The value (purchasing power) of each unit of money
a. is largely independent of the money supply. b. tends to increase as the money supply expands. c. increases as prices rise. d. tends to decline as the money supply expands in relation to the availability of goods and services.