The short-run aggregate supply curve is drawn with:
a. the price level on the vertical axis and real GDP on the horizontal axis
b. the price level on the vertical axis and nominal GDP on the horizontal axis.
c. nominal GDP on the vertical axis and real GDP on the horizontal axis.
d. real GDP on the horizontal axis and the rate of unemployment on the vertical axis.
a
Economics
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The shortage created by a price ceiling will likely be
A) smaller if the good is a necessity. B) larger if the good is addictive. C) smaller if the good is a luxury. D) unaffected by the time that has elapsed since the price ceiling is implemented. E) None of the above answers is correct.
Economics
Marginal physical product measures the increase in total output that results from a one-unit increase in an input
a. True b. False Indicate whether the statement is true or false
Economics