At any point below the current IS curve, there is an
A) excess demand for goods.
B) excess supply of goods.
C) excess demand for money.
D) excess supply of money.
A
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What condition may provide for a relatively small degree of inefficiency under monopolistic competition?
A) There is a single seller and no product differentiation. B) The marginal cost of production is less than the market price. C) The demand curve is relatively elastic so that the price is near the long-run minimum average cost. D) There is only one buyer in the market.
The amount of time an individual is willing to offer for a wage depends on the
a. all of the following b. value of time devoted to leisure activities c. boredom, discomfort, and aggravation associated with work d. value of time devoted to nonmarket work e. satisfaction gained from goods purchased with the wages