______ shows the potential cost for each level of output.
A. The product function
B. The cost function
C. The production process
D. The average marginal cost
Answer: B
Economics
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According to the circular flow, the value of total output produced and total income
A) will be equal. B) should increase by the unanticipated rate of inflation. C) should differ by the value of intermediate goods. D) will always be increasing in a capitalist economy.
Economics
In the dynamic aggregated demand and aggregate supply model, inflation occurs if
A) the AD curve shifts more to the right than the LRAS curve. B) the SRAS curve shifts more to the right than the AD curve. C) the AD curve shifts to the left and the SRAS curve shifts to the right. D) the AD curve shifts to the left and the LRAS curve shifts to the right.
Economics