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Author Question: The school of thought that assumes that real GDP is determined by aggregate supply, whereas the ... (Read 50 times)

Pea0909berry

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on: Jun 30, 2018
The school of thought that assumes that real GDP is determined by aggregate supply, whereas the equilibrium price level is determined by aggregate demand is known as _____.
 a. neoclassical economics
  b. classical economics
  c. new Keynesian economics
  d. Keynesian economics
  e. Marxist economics

Question 2

If the supply curve for a product is horizontal, then the elasticity of supply is:
 a. equal to zero.
 b. equal to one.
 c. greater than one but less than infinity.
  d. equal to infinity.


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cclemon1

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

d


Pea0909berry

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Reply 2 on: Jun 30, 2018
Excellent

mochi09

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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