A nonprice determinant of supply refers to something that:
A. affects the price other than supply.
B. affects supply other than the price.
C. determines how large a role prices play in the supply decision.
D. determines how prices are affected by the seller's income.
B. affects supply other than the price.
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A Consumer Price Index (CPI) adjustment overcompensates for inflation because it ignores
A) the income effect when relative prices change. B) the substitution effect when relative prices change. C) that some goods are inferior. D) that the substitution effect may offset the income effect.
A decrease in the price level in an economy will _____
a. shift the aggregate expenditure line upward b. shift the aggregate expenditure line downward c. cause an upward movement along the aggregate expenditure line d. cause a downward movement along the aggregate expenditure line e. shift the aggregate demand curve leftward