Firms
a. are where entrepreneurs combine resources
b. are economic units formed by profit-seeking entrepreneurs
c. are assumed to try to maximize profit
d. reward entrepreneurs with profits, which are sales revenue minus the cost of production
e. All of the answers are correct.
E
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When a movement up along the aggregate supply curve occurs, there is also
A) no movement along nor a shift in the short-run Phillips curve. B) a rightward shift of the short-run Phillips curve. C) a movement up along the short-run Phillips curve. D) a movement down along the short-run Phillips curve. E) a leftward shift of the short-run Phillips curve.
The demand curve for pizza is downward sloping and the supply curve is upward sloping. If the government imposes a $2 tax on a pizza, ________ the tax
A) only consumers pay B) only producers pay C) both producers and consumers pay part of D) neither producers nor consumers pay part of E) the government pays