Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Currently in sector X, price is
A. equal to average cost.
B. greater than average cost.
C. less than average cost.
D. More information is needed to answer the question.
Answer: A
Economics
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An increase in which of the following is most likely to cause the short-run aggregate supply curve to shift to the left?
A) Consumers' income B) The money supply C) Government spending D) The optimism of business firms E) The per unit cost of production
Economics
Other things being equal, the relationship between price and quantity supplied is
A) negative. B) constant. C) positive. D) non-existent.
Economics