The basic coordinating mechanism in a free-market system is
A. the corporation.
B. a central government authority.
C. price.
D. quantity.
Answer: C
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Total fixed cost is also known as ______
Fill in the blank(s) with the appropriate word(s).
Suppose that a drought significantly reduces agricultural production one year. Which of the following would likely occur as a result of the bad weather?
a. The short-run aggregate supply curve will shift to the right, and the short-run Phillips Curve will shift to the right. b. The short-run aggregate supply curve will shift to the right, and the short-run Phillips Curve will shift to the left. c. The short-run aggregate supply curve will shift to the left, and the short-run Phillips Curve will shift to the right. d. The short-run aggregate supply curve will shift to the left, and the short-run Phillips Curve will shift to the left.