By using only the aggregate demand curve, we can determine
A) only the price level.
B) only the quantity of real GDP.
C) both the price level and quantity of real GDP.
D) neither the price level nor the quantity of real GDP.
D
Economics
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To analyze monopolistic competition in trade, we make several assumptions about the market. Which of the following is NOT an assumption of monopolistic competition?
a. many firms in the industry b. easy entry and exit c. constant long-run average cost d. increasing returns to scale, falling long-run average cost
Economics
According to the Keynesian model, real wages should
A) remain constant. B) fall during recessions. C) rise during recessions. D) stay the same during recessions but rise during expansions.
Economics