The table above gives the aggregate demand and aggregate supply schedules in Lotus Land
With no changes in aggregate demand or long-run aggregate supply, in long-run macroeconomic equilibrium, the price level will be ________ and real GDP will be ________. A) 120; $400
B) 110; $500
C) 90; $400
D) 100; $600
D
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Economic theory looks at social coordination as a process of
A) continuing mutual adjustments to the situations created by the actions of others. B) continuous adjustment of extremes to conform to the average. C) passing information up from below and instructions or commands down from above. D) sacrificing personal interest to the public or general interest. E) sacrificing the public interest to self-interest.
You are the brand manager of Crest toothpaste and you observe that when you increase the price of Crest, your total revenue increases. How is that possible?
What will be an ideal response?