Which of these is a likely impact of an increase in the price level in an economy on the aggregate supply in the economy?
a. An increase in the quantity of real GDP supplied
b. A decrease in the quantity of real GDP supplied
c. A leftward shift of the aggregate supply curve
d. A rightward shift of the aggregate supply curve
e. An increase in the slope of the aggregate supply curve
a
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Which one of the following industries is best classified as an oligopoly?
A) textbook publishers B) retailing C) wheat farms in the United States D) fast food restaurants
Morgan graduates from college and gets a job paying $50,000 a year. While in school, she consumed 4 pounds of chicken and 1 pound of shrimp a month. After she starts work, she consumes 2 pounds of chicken and 3 pounds of shrimp a month
If everything else is held constant, we know that A) chicken and shrimp are normal goods for Morgan. B) chicken is an inferior good and shrimp is a normal good for Morgan. C) chicken is an inferior good for Morgan. D) shrimp is a normal good for Morgan.