The aggregate supply curve shows the total quantity of output that firms are willing and able to supply at a given inflation rate. This is the same relationship that is shown by the
A) aggregate expenditure curve.
B) Phillips curve.
C) MP curve.
D) IS curve.
B
Economics
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When the absolute price elasticity of demand equals 2.5, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
Economics
The price elasticity of demand for food tends to be:
A. Higher in richer nations B. Lower in richer nations C. The same in rich and poor nations D. Unrelated to per capita wealth
Economics