The short-run aggregate supply curve shows the relationship between
a. the general level of prices and the quantity of goods and services purchased by all consumers in the economy.
b. the general level of prices and the quantity of goods and services that domestic firms will supply.
c. the interest rate and the quantity of goods and services that domestic firms will supply.
d. the money supply and the quantity of goods and services that domestic firms will supply.
B
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Two-dimensional graphs have a horizontal and a vertical axis and are used in economics to illustrate
A) relationships between two economic variables. B) a pie chart. C) a flow chart. D) one variable.
In spring 2008, the U.S. Congress proposed to tax oil companies because of their near-monopoly status. This could have the unintended consequence of
A) increasing the equilibrium price by more than the tax. B) destroying the oil companies and leaving the United States without oil. C) increasing the profit of the best oil company. D) decreasing the power of the U.S. Congress.