Define aggregate supply
Define aggregate supply: Aggregate supply is the money value of net or total supply of services and goods available for purchase by an economy throughout a given period.
The counter-argument to the idea which unions cause inflation is that the union negotiated wage hikes: (i) Are not excessive except W > average revenue products. (ii) Set the pattern for non-union wage negotiations. (iii) Tend to outcome in lower salaries in non-un
Can someone help me in finding out the right answer from the given options. The utilitarian philosophy didn’t depend on the supposition that: (i) The greatest good for greatest number is the finest social goal. (ii) Individual utilities can be summed up to measu
A monopolist: (w) is a price taker in the sale of its product. (x) can charge any price this wishes without reducing profit. (y) is not a price taker into the sale of its product. (z) may or may not be a price taker within the sale of its product.
When D0 is the initial demand curve for land in this illustrated figure, within equilibrium the economic rent realized through the landowner will be: (1) zero. (2) area Ocef. (3) area cae. (4) area Oaef. (5) a pure economic
Market demand curve for the Hormel’s canned Spam [that is, a processed pork product which is an inferior good for most of the people], would shift rightward as the effect of major increases in: (i) Publicity regarding high correlations among hea
Effects of price ceiling: The consequences of price ceiling might be: A) Scarcity of the commodity B) The government might oblige rationing that is, supply of goods in limited q
When a price cut for licorice gummy bears decrease the demand for tuna fish ice-cream, then: (1) Tuna fish ice-cream and licorice gummy bears are the complementary goods. (2) Price hikes for tuna fish ice-cream will decrease the demand for the licorice gummy bears. (3
The union based just on workers with a specific skill, and which usually consists of apprenticeship programs which lead to ‘journeyman’ and then ‘master craftsman’ ratings is a/an: (1) Craft union. (2) Open union. (3) Company union. (4) Exclusi
A perpetuity is a: (w) financial asset which provides its owner eternal life. (x) perpetual motion machine which lasts forever. (y) bond which pays its owner an annual income forever. (z) profitable share in an established corporation. Q : Market power conduct by a price maker HoloIMAGine has patented a holographic technology which makes 3-D photography obtainable to consumers. The illustrated figure shows such that HoloIMAGine: (1) makes profit equal to area dcP0P3 since this can price discriminate perfectly. (2) has market power as a pric
HoloIMAGine has patented a holographic technology which makes 3-D photography obtainable to consumers. The illustrated figure shows such that HoloIMAGine: (1) makes profit equal to area dcP0P3 since this can price discriminate perfectly. (2) has market power as a pric
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