Which of the following statements accurately describes the economy with a recessionary gap?
a. SRAS intercepts AD1 at RGDPNR.
b. RGDP1 is less than RGDPNR.
c. ESR occurs along LRAS.
d. SRAS intercepts LRAS at ESR.
b. RGDP1 is less than RGDPNR.
Economics
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When x decreases
A) IS curve shifts to the left. B) IS curve shifts to the right. C) LM curve shifts upward. D) LM curve shifts downward.
Economics
If price is unchanging across the firm's entire production range, then for the firm selling bagels at $0.40 each,
a. P = MR = AR b. MR = MC = AC c. TR = TC = 0 d. TR – TC = 0 e. AC = MC = TC
Economics