The aggregate supply curve shows the relationship between ____ and ____, holding all other factors constant
a. price level; quantity of real GDP supplied
b. price level; supply of nominal GDP
c. nominal GDP; price level of real GDP
d. price level; amount of nominal GDP supplied
a
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A market is said to achieve allocative efficiency when producer surplus is at its maximum level
a. True b. False Indicate whether the statement is true or false
A tax on the buyers of cereal will increase the price of cereal paid by buyers,
a. decrease the effective price of cereal received by sellers, and decrease the equilibrium quantity of cereal. b. decrease the effective price of cereal received by sellers, and increase the equilibrium quantity of cereal. c. increase the effective price of cereal received by sellers, and decrease the equilibrium quantity of cereal. d. increase the effective price of cereal received by sellers, and increase the equilibrium quantity of cereal.