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Which of the following is an incorrect statement?- Aggregate demand and aggregate supply determine the equilibrium price and quantity of any given good.
Which of the following explains the effect of prices on profits in the short-run?-- The direct relationship between aggregate quantity supplied and the price level.
The _____ is the change in the purchasing power of assets that causes spending to change when the price level changes.--- Ive narrowed it down to --- purchasing power effect or income effect.. Im unsure of which one is the correct answer.
Assume that the aggregate demand increases while the short-run aggregate supply decreases. The result is a(n):--- I know that the price level increases and the equilibrium real GDP should return to its original level. So is the answer this "increase in the price level, while the change in equilibrium real GDP is ambiguous." or this "increase in both equilibrium real GDP and the price level.".. Both seem to be right but im confused on which on is the correct answer
In the short-run, an increase in the average price level will cause:-- profits to rise and, thus, total production to increase.
_____ is the relation between total expenditures, or total spending, and the price level.-- Aggregate demand
Identify the correct statement.-- Aggregate demand and aggregate supply determine equilibrium price and output.
Other things equal, an increase in aggregate supply will cause:-- a reduction in unemployment and a decline in inflation.
first statement is true...
Thanks but I already submitted my assignment. The two that I needed help on I got wrong.
oh crap! srry for the delay... anyways remember that 2. under monopolistic competition, the firm has some freedom to fix the price because of differentiation a firm will not lose all customers when it increases its price :)
Its okay. Your the only one who helped me. All the others I tagged looked and left. No response at all... Alright I try to remember. Guess if I have any questions I'll message or tag you. Thank you
yeah sure. Anytime. Unfortunately got busy with some other stuffs so ...... Next time if i know I'll for sure help u out. have a nice day "destiny"