A Dutch auction is a(n) ________
A) sealed-bid first-price auction
B) sealed-bid second-price auction
C) penny auction
D) open outcry auction
D
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When current production of goods and services in an economy is greater than planned aggregate expenditure, _____
a. inventories of goods and services will increase b. firms will increase production to replenish depleted inventories c. businesses and households will increase planned aggregate spending d. the price level will automatically rise to restore equilibrium in the economy e. leakages must equal planned injections
A strike at the Financial News in London shut down its production, and the sales of a competing newspaper, the Broad Street Journal, increased dramatically, with no increase in price. Based upon this, what can you say about the Broad Street Journal’s supply curve?
A. Its supply curve is vertical. B. Its supply curve is horizontal. C. Its supply curve has shifted. D. Its supply curve has a positive slope.