Figure 7-1
In Figure 7-1, which graph best represents total physical product with diminishing returns?
a.
1
b.
2
c.
3
d.
4
a
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The marginal rate of substitution is ________, the ________ is the ________
A) greater; flatter; indifference curve B) greater; steeper; budget line C) smaller; steeper; indifference curve D) smaller; flatter; indifference curve
For each of the following changes, which equilibrium curve (IS, LM, or FE) is shifted? Draw the change in the underlying demand or supply curves (for example, money demand and supply for the LM curve) and show how the equilibrium curve changes
(a) Expected inflation increases. (b) The future marginal productivity of capital increases. (c) Labor supply decreases. (d) Future income declines. (e) There's a temporary beneficial supply shock. (f) The nominal interest rate on money rises.