In the short run, the aggregate supply curve:
A. is perfectly inelastic.
B. slopes upward.
C. is perfectly elastic.
D. slopes downward.
Answer: B
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Based on the table below and the principle of diminishing returns to capital, then total packages wrapped when a fourth machine is installed must be less than ________ packages.Number of (Identical) MachinesTotal Packages Wrapped15,00029,000312,000
A. 3,000 B. 12,000 C. 4,000 D. 15,000
A firm's total cost of production
a. always increases as it produces more output b. can increase or decrease as it produces more output c. increases at a decreasing rate as long as it produces more output d. is fixed in the short run, because inputs are fixed in the short run e. can be minimized by producing where the firm's demand curve crosses the horizontal axis
A theory is a(n) __________ representation of how two or more variables interact with each other.
a. simplified b. complex c. alternative d. contradictory
Refer to the graph below. The year 2000 must be the:
A.
Year when depreciation or capital consumption equaled zero
B.
Base year of the GDP price index
C.
Point in time when GDP equaled 100
D.
Year when the GDP price index is zero