When the price level rises there is a ________ the aggregate demand curve
A) movement down along
B) rotation of
C) rightward shift of
D) leftward shift of
E) movement up along
E
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Suppose that during 2009, the actual real GDP of Chile was 3.5 billion pesos at the same time the potential GDP was 3.4 billion pesos. What sort of equilibrium existed in Chile?
What will be an ideal response?
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers decreased from $15 to $10:
A. Bob's Hardware no longer sells hammers. B. producer surplus for each producer falls by $5. C. total producer surplus falls by $15. D. total producer surplus falls by $5.