An increase in the expected price level
A) shifts the short-run aggregate supply curve up and to the left.
B) shifts the short-run aggregate supply curve down and to the right.
C) has no effect on the short-run aggregate supply curve.
D) results in a movement along the short-run aggregate supply curve, rather than a shift in the short-run aggregate supply curve.
A
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Per capita income in China is approximately ________% of the U.S. level
A) 17 B) 80 C) 40 D) 5
If average costs of production decline with increases in output for a particular firm:
a. many small firms will be more efficient than a single large firm. b. one large producer will be more efficient than many small producers. c. product diversification is necessary to spread the overhead. d. diseconomies of scale become significant as output increases. e. the variable cost of production must exceed the fixed costs.