An explanation for why the short-run aggregate supply curve is upward-sloping is because:
A. ?the quantity of real output supplied is inversely related to the aggregate supply curve.
B. ?nominal incomes are fixed.
C. ?the capital-output ratio is fixed.
D. ?an increase in price will increase the marginal aggregate output.?
Answer: B
Economics
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The marginal product of labor is defined as the increase in output attributable to the last worker hired divided by the total number of workers employed
Indicate whether the statement is true or false
Economics
To correct for the underproduction of products with positive externalities, the government must
A) provide the incentives for the private sector to produce and consume the good. B) provide tougher regulations on the industry. C) increase taxes on the industry. D) fine the industry.
Economics