Refer to Scenario 7.3. Which of the following combinations of inputs is on the isoquant to produce 400 units of output?
A) L = 0, K = 400
B) L = 400, K = 0
C) L = 100, K = 100
D) all of the above
E) A and B, but not C
C
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Interest rates in the economy have risen. How will this affect aggregate demand and equilibrium in the short run?
A) Aggregate demand will rise, the equilibrium price level will fall, and the equilibrium level of GDP will rise. B) Aggregate demand will rise, the equilibrium price level will rise, and the equilibrium level of GDP will rise. C) Aggregate demand will fall, the equilibrium price level will fall, and the equilibrium level of GDP will fall. D) Aggregate demand will fall, the equilibrium price level will rise, and the equilibrium level of GDP will fall.
Price discrimination reveals
A) the inherent greed of Western culture. B) the inability for regulators to stop unethical practices. C) that individuals have different willingness to pay. D) that individuals have the same willingness to pay.