In the figure above, the relationship between the x variable and the y variable
A) is positive.
B) is negative.
C) starts by being positive and then becomes negative.
D) starts by being negative and then becomes positive.
C
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The impact of an increase in the price of a particular good is illustrated as a
A) leftward shift in its demand curve. B) rightward shift in its demand curve. C) movement upward and to the left along its demand curve. D) movement downward and to the right along its demand curve. E) rightward shift in its demand curve and a movement upward and to the left along its demand curve.
Since a long run consists of many short runs, the classical model is
a. incorrect every time we look at output data b. accurate during the short run c. paradoxically quite accurate in the long run; however, it is not very accurate in the short run d. our best guide to fluctuations in the economy e. paradoxically quite accurate in the short run; however, it is not very accurate in the long run