Refer to the graph below. At equilibrium, the minimum acceptable revenue that sellers would have been willing to receive is represented by the area:
The equilibrium point in the market is where S and D curve intersect.
A. b
B. b + c
C. a + b
D. c
D. c
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The economy is at full employment. If aggregate demand increases,
A) an inflationary gap is created and the AS curve shifts leftward as the money wage rate rises. B) an inflationary gap is created and the AD curve shifts leftward. C) an inflationary gap is created and potential GDP increases to close the ga
Suppose the first hour of study today will allow you to answer 10 correct questions on tomorrow's exam. After the first hour, the marginal benefit of each additional hour of study is reduced by 2 (meaning if you study for 2 hours today your total number of correct response tomorrow will be 18 and if you study 3 hours it will be 24 and so on). If the cost of studying each additional hour is zero, how many hours should you study?
a. 18 b. 10 c. 6 d. 0 e. none of the above