A vertical long-run aggregate-supply curve represents
a) both the classical dichotomy and monetary neutrality.
b) the classical dichotomy but not monetary neutrality.
c) neither the classical dichotomy nor monetary neutrality.
d) monetary neutrality but not the classical dichotomy.
Answer: a) both the classical dichotomy and monetary neutrality.
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From 8 P.M. to 10 P.M., Susan can attend a movie, study, or talk with friends. Suppose that Susan decides to go to the movie but thinks that, if she hadn't, she would otherwise have talked with friends
The opportunity cost of attending the movie is A) talking with friends and studying. B) studying. C) talking with friends. D) two hours of time.
If price fixing by competitors is necessary because without it a firm will go bankrupt, is the price fixing legal?
What will be an ideal response?