A demand curve is derived from

If Congress conducted public hearings to decide whether subsidies should be granted to the steel industry, taxpayers would not be well represented at the hearings because

A) no hearing room would be large enough to hold all the taxpayers who would want to testify. B) single taxpayers do not have a large enough stake in the issue to justify the cost of attending the hearings. C) taxpayers would not gain or lose, no matter how the issue was decided. D) they are apathetic. E) they know only money buys votes.

Exhibit 10-6 Aggregate supply curve In Exhibit 10-6, the aggregate supply curve becomes vertical at GDP = $1,200 because:

A. there are no more workers available at any wage rate to increase real GDP. B. the price level remains constant. C. the only workers available would demand higher wage rates. D. the economy is experiencing low employment and low production.