A demand relationship in which a given percentage change in price will result in a less than proportionate percentage change in quantity demanded is

Macroeconomics differs from microeconomics in that

A) macroeconomics studies the decisions of individuals. B) microeconomics looks at the economy as a whole. C) macroeconomics studies the behavior of government while microeconomics looks at private corporations. D) macroeconomics focuses on the national economy and the global economy.

Aggregate supply is upward sloping in the

a. new classical model. b. classical model. c. monetarist model. d. real business cycle models. e. both a and c.