Assume that beer is an inferior good. If the price of beer falls, then the substitution effect results in the person buying ________ of the good and the income effect results in the person buying ________ of the good

Refer to the table above. If the market is perfectly competitive, the equilibrium quantity of calculators is:

A) 3 units. B) 5 units. C) 6 units. D) 8 units.

The horizontal portion of the short-run aggregate supply curve reflects the Keynesian assumption of "sticky" prices

Indicate whether the statement is true or false