The vertical axis of the aggregate demand and aggregate supply graph has the
a) output of goods.
b) output of services.
c) real GDP.
d) the price level.
Ans: d) the price level.
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The market supply function is P = 10 + Q and the market demand function is P = 70 - 2Q. What is the change in consumer surplus associated with a minimum floor price of $40?
A) -$25 B) -$150 C) -$175 D) -$200
Think totals: In a perfectly competitive labor market, the total labor cost curve, TLC
a. is upward sloping, and the marginal labor cost curve, MLC, is downward sloping b. is downward sloping, and the marginal labor cost curve, MLC, is upward sloping c. and the marginal labor cost curve, MLC, are both horizontal curves d. is horizontal and the marginal labor cost curve, MLC, is upward sloping e. is upward sloping, and the marginal labor cost curve, MLC, is horizontal