Because there is a ________ relationship between the price level and the quantity of real GDP supplied, the aggregate supply curve is ________ curve
A) negative; an upward-sloping
B) positive; an upward-sloping
C) positive; a downward-sloping
D) negative; a downward-sloping
E) positive; a vertical
B
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A monopolist will always end up choosing to operate
a. even if its profits are negative. b. on the elastic portion of its demand curve. c. until such time as a new competitor enters its market. d. only if it can capture the entire consumer surplus.
Which is not a fixed cost?
a. monthly rent of $1,00 . with a 12 month lease b. an insurance premium of $50 per year, paid last month c. Tax accountant's salary d. labor costs paid per hour
One reason many people make their own Hollandaise sauce rather than buy it is that
a. they can maintain control over the quality during production b. the total cost of ingredients is the same as the price of store-bought sauce c. firms do not make high-quality Hollandaise sauce d. people place a high value on their time e. firms do not produce goods that can be made at home
In what ways is GDP a misleading measure of economic performance? Consider what components are not included on GDP.
What will be an ideal response?