The aggregate supply curve indicates the:
a. relationship between prices and the aggregate quantity of goods and services purchased by consumers, investors, governments, and foreigners (net exports).
b. relationship between prices and the natural rate of unemployment.
c. relationship between the real wage rate and the quantity of labor supplied by households.
d. quantity of goods and services producers will supply at different price levels.
d
You might also like to view...
Which of the following is the best definition of openness?
a. The average of imports expressed as a share of GDP. b. The average of goods traded in markets expressed as a share of GDP. c. The average of imports and exports expressed as a share of GDP. d. The average trade balance expressed as a share of GDP. e. The average of exports expressed as a share of GDP.
A firm purchases less capital equipment. We would expect to observe
A) a rightward shift in the supply curve of labor to this firm. B) a decrease in the supply of labor for this firm. C) a decrease in the demand for labor by this firm. D) a decrease in the wage rate paid for labor by this firm.