A measure of the way a quantity supplied reacts to a change in price:

In real business cycle models, shifts of the aggregate demand curve ________

A) cause changes in inflation, but have no effect on output B) cannot occur C) result from changes in the willingness to work D) result from Solow residuals

If technology is fixed, monopolization of a competitive industry will lead to

a. lower prices and higher output b. higher prices and the same level of output c. lower output and the same level of price d. higher prices and lower output e. higher output and higher prices