Assume that as the firms in a perfectly competitive industry expand output, the prices of productive inputs increase
All else constant, this would cause the individual firms' marginal cost curves to ________ and the market supply curve to become ________. A) shift down; flatter
B) shift down; steeper
C) shift up; flatter
D) shift up; steeper
D
Economics
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The IS-LM model was developed by
A) Friedman and Phelps. B) Hicks and Hansen. C) Modigliani and Friedman. D) Lucas and Sargent. E) none of the above
Economics
One thing economists do to help them understand how the real world works is
a. make assumptions. b. ignore the past. c. try to capture every aspect of the real world in the models they construct. d. All of the above are correct.
Economics