The aggregate demand curve is a function of ______.
a. real aggregate expenditure and real GDP
b. price level and real aggregate expenditure
c. price level and real GDP
d. real aggregate expenditure and real aggregate demand
c. price level and real GDP
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As illustrated in the above figure, after 40 gallons are produced each hour at Ike's Ice Cream Kitchen, the AVC curve starts to slope upward. The AVC starts to slope upward because the
A) MC curve slopes upward. B) MC exceeds the AVC. C) ATC curve has not yet reached its minimum. D) None of the above answers is correct.
In the expression Pr(Y = 1 = ?(?0 + ?1X),
A) (?0 + ?1X) plays the role of z in the cumulative standard normal distribution function. B) ?1 cannot be negative since probabilities have to lie between 0 and 1. C) ?0 cannot be negative since probabilities have to lie between 0 and 1. D) min (?0 + ?1X) > 0 since probabilities have to lie between 0 and 1.