Recently it has been discovered that lobsters grown on lobster farms can feed on algae, which is a cheaper lobster food. As a result of this discovery,
a. the supply curve for lobster will shift to the left
b. the supply curve for lobster will shift to the right
c. there will be an increase in the quantity of lobsters supplied
d. there will be a decrease in the quantity of lobsters supplied
e. both supply and demand curves will shift to the right
B
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Price cap regulation is regulation that
A) is a marginal cost pricing rule. B) is an average cost pricing rule. C) imposes a price ceiling on the regulated firm. D) has the same incentive effects as does rate of return regulation. E) is the same as allowing the firm to operate as if it was totally unregulated.
In which model does there not exist a tradeoff between higher inflation and lower unemployment?
a. monetarist b. real business cycle c. new classical d. classical e. a tradeoff exists in all of the above