On the long-run aggregate supply curve
A) an increase in the price level reduces the aggregate quantity of GDP supplied.
B) an increase in the price level has no effect on the aggregate quantity of GDP supplied.
C) an increase in the price level increases the level of potential GDP.
D) an increase in the price level increases the aggregate quantity of GDP supplied.
B
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Which of the following is the best example of a natural monopoly?
A) ownership of the only ferry across Puget Sound for twenty miles B) the United States Postal Service C) the cable television company in your hometown D) owning the only licensed taxicab in town E) producing a patented drug
Suppose that Rosa is considering migration to another country. To move, she will have to spend $5000 on transportation and $4000 in application and other processing fees. Rosa's stream of future earnings in her home country is $500,000. She expects to earn a stream of future earnings of $800,000 in another country. Based on this information, Rosa's explicit cost of migrating is:
A. $9,000 B. $500,000 C. $507,000 D. $5,000