The shape of the short run aggregate supply curve is generally believed to be
a) a decreasing function of the price level
b) an increasing function of the interest rate
c) an increasing function of the price level
d) vertical
e) backward-bending
c) an increasing function of the price level
Economics
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Which of the following statements is true?
A) Network effects arise because of economies of scale. B) Economies of scale arise because of network effects. C) Economies of scale act as barriers to entry into a market. D) Network effects provide incentives to new sellers to enter the market.
Economics
Suppose your grandfather earned a salary of $12,000 in 1964. If the CPI is 31 in 1964 and 219 in 2016, then the value of your grandfather's salary in 2016 dollars is approximately
A) $84,775. B) $63,830. C) $37,200. D) $26,280.
Economics