The battery packs used in electric and hybrid automobiles are one of the largest cost components for manufacturing these cars. As the price of these batteries decline, we expect that the:
A) supply curve for electric and hybrid autos will shift rightward.
B) supply curve for electric and hybrid autos will shift leftward.
C) demand curve for electric and hybrid autos will shift rightward.
D) demand curve for electric and hybrid autos will shift leftward.
A
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The slope of a line equals the
A) change in the variable measured along the x-axis divided by the change in the variable measured along the y-axis. B) change in the variable measured along the y-axis divided by the change in the variable measured along the x-axis. C) change in the variable measured along the x-axis minus the change in the variable measured along the y-axis. D) change in the variable measured along the x-axis multiplied by the change in the variable measured along the y-axis.
Suppose an economy originally in long-run equilibrium experiences a decrease in aggregate demand. According to the classical model
A) real Gross Domestic Product (GDP) will not change but the price level will fall. B) real Gross Domestic Product (GDP) will fall, and then the price level will fall also. C) the price level will not change but real Gross Domestic Product (GDP) will fall. D) real Gross Domestic Product (GDP) will fall, wages will fall, but the prices of goods and services will stay the same.