Which of the following is true if marginal costs increase at a slow rate as output increases?
a. The short-run aggregate supply curve is relatively steep.
b. The short-run aggregate supply curve becomes vertical.
c. The short-run aggregate supply curve is relatively flat.
d. The long-run aggregate supply curve becomes horizontal.
e. The long-run aggregate supply curve becomes downward sloping.
Question 2
If the quantity of money supplied exceeds the quantity of money demanded, at a point in time:
a. the price level in the economy will fall.
b. the equilibrium interest rate will fall.
c. the equilibrium interest rate will fall.
d. the money demand curve will shift to the right.
e. the money demand curve will shift to the left.
Atmospheric pressure decreases as altitude increases.
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