The aggregate supply curve:
a. shows the level of real GDP produced in the economy at different possible price levels during a period of time.
b. is horizontal in the Keynesian range.
c. is vertical in the classical range.
d. all of these.
d
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The slope of a producer's production possibilities frontier represents the producer's
A) sunk costs of production. B) average costs of production. C) marginal costs of production. D) total costs of production.
The above figure represents a perfectly competitive industry that is taken over by a single firm and operated as a monopoly
a) What was the competitive price and quantity? b) What is the monopoly price and quantity? c) What area represents consumer surplus under perfect competition? d) What area represents consumer surplus under monopoly? e) What area represents the deadweight loss of monopoly?