The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for tea after severe weather destroys a large portion of the coffee crop?
A) Graph A
B) Graph B
C) Graph C
D) Graph D
A
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A perfectly competitive firm acts as a ___________, so it calculates total revenue by multiplying the given market price by the quantity of output the firm chooses.
a. natural monopoly b. price taker c. technological monopoly d. drag on the market
According to Keynesians, an increase in the money supply will:
a. only increases prices. b. increase the interest rate, and decrease investment, aggregate demand, prices, real GDP, and employment. c. decrease the interest rate, and decrease investment, aggregate demand, prices, real GDP, and employment. d. decrease the interest rate, and increase investment, aggregate demand, prices, real GDP, and employment.
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
In the table above, how much does the third unit of labor ADD to total output?
A. 125 B. 150 C. 100 D. 300 E. none of the above