If aggregate demand shifts inward over a long period of time, with aggregate supply held constant, the economy should experience
a. unemployment.
b. recession.
c. stagflation.
d. inflation.
e. budget surpluses.
b
Economics
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Knowledge that is patented is a
a. public good, whereas knowledge that is not patented is a common resource. b. private good, whereas knowledge that is not patented is a club good. c. common resource, whereas knowledge that is not patented is a private good. d. club good, whereas knowledge that is not patented is a public good.
Economics
If total revenues decline when the market clearing price increases, then we know that
A) demand is inelastic. B) demand is elastic. C) demand is unit-elastic. D) demand has zero elasticity.
Economics