If retail managers are ordering extra merchandise from their wholesale distributors, then it is probably true that
a. total output is greater than total spending.
b. price levels are decreasing.
c. inventory levels are increasing.
d. inventory levels are decreasing.
d
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Even when the demand for one good is high, the price of the good is also affected by supply. The textbook illustrates this by comparing the price of two items that were auctioned on the same day
Which of the following describes the results of the auction? A) A letter written by Abraham Lincoln sold for a higher price than a letter written by John Wilkes Booth. B) A letter written by John Wilkes Booth sold for a higher price than a letter written by Abraham Lincoln. C) A letter written by Abraham Lincoln was sold for a higher price than a letter written by Adam Smith. D) A letter written by John Wilkes Booth sold for a higher price than a letter written by Lee Harvey Oswald.
The marginal propensity to consume plus the marginal propensity to save must always equal 1
a. True b. False Indicate whether the statement is true or false