The perfectly competitive firm's short-run supply curve is the same as the
a. supply curve of all other firms in the industry
b. upward-sloping portion of its marginal cost curve
c. upward-sloping portion of its marginal cost curve at or above minimum average variable cost
d. upward-sloping portion of its average variable cost curve
e. market demand curve
C
Economics
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Figure 11-3
In Figure 11-3, which line represents the change in the consumption schedule caused by an increase in the personal income tax?
a.
C1 in graph (a)
b.
C2 in graph (a)
c.
C1 in graph (b)
d.
C2 in graph (b)
Economics
If consumption is $8 billion, investments is $4 billion, government purchases are $2 billion, imports are $1 billion, and exports are $2 billion, GDP must equal:
A. $17 billion. B. $14 billion. C. $15 billion. D. $16 billion.
Economics