The height of the demand curve at any quantity indicates
a. total expenditure on the good or service
b. total revenue to the seller of the good or service
c. whether the price is fair or not
d. how much that particular unit is worth to the person who buys it
e. how much the person who buys that unit actually pays for it
D
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When a movement up along the aggregate supply curve occurs, there is also
A) no movement along nor a shift in the short-run Phillips curve. B) a rightward shift of the short-run Phillips curve. C) a movement up along the short-run Phillips curve. D) a movement down along the short-run Phillips curve. E) a leftward shift of the short-run Phillips curve.
The field of economics that analyzes government decision making, politics, and elections is called:
A. public finance. B. public choice theory. C. collective economics. D. political economy.