If aggregate demand increases in the intermediate range of the aggregate supply curve then the:
a. price level rises and real GDP falls.
b. price level rises and real GDP rises.
c. price level falls and real GDP falls.
d. price level falls and real GDP rises.
b
Economics
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The market process is dynamic
Indicate whether the statement is true or false
Economics
When firms are neither entering nor exiting a perfectly competitive market,
a. total revenue must equal total variable cost for each firm. b. economic profits must be zero. c. price must equal average variable cost for each firm. d. Both a and c are correct.
Economics