The upward slope of the short-run aggregate supply curve is based on the assumption that ________.
A. prices of inputs are flexible while prices of outputs are fixed
B. wages and other resource prices do respond to price level changes
C. prices of output do not respond to price level changes
D. wages and other resource prices do not respond to price level changes
Answer: D
Economics
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Unemployment caused by a recession is called:
a. structural unemployment. b. frictional unemployment. c. involuntary unemployment. d. cyclical unemployment
Economics
Refer to the diagram. The profit-maximizing level of output for this firm:
A. is at point a.
B. is at point b.
C. is at point c.
D. cannot be determined from the information given.
Economics