Figure 10-15
The economy's short-run (SRAS ) and long-run (LRAS) aggregate supply curves are shown in , along with three alternative aggregate demand curves and the accompanying equilibrium points. At which point will resource prices naturally tend to increase?
a.
A
b.
B
c.
C
d.
D
b
Economics
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The equation is the
A) average propensity to consume. B) average propensity to save. C) marginal propensity to consume. D) marginal propensity to save.
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The first law of demand states that
a. the quantity demanded increases as price falls b. the quantity demanded decreases as price falls c. the quantity demanded increases as price increases d. none of the above
Economics