The inflation rate is the
a. absolute change in real GDP from one period to another.
b. percentage change in real GDP from one period to another.
c. absolute change in the price level from one period to another.
d. percentage change in the price level from one period to another.
d
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People expect their incomes will decrease next year. As a result, the ________ will shift ________
A) short-run aggregate supply curve; rightward B) aggregate demand curve; rightward C) aggregate demand curve; leftward D) long-run aggregate supply curve; rightward
Lentz's Incorporated sells paper in a perfectly competitive market at a price of $2 per ream. At the profit-maximizing (cost-minimizing) level of output, average total cost is $2.50 per ream and average variable cost is $1.95 per ream
Should the firm continue to operate in the short run? Explain.