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Author Question: If the aggregate supply curve is vertical, then shifts in aggregate demand will not change aggregate ... (Read 111 times)

big1devin

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on: Jun 30, 2018
If the aggregate supply curve is vertical, then shifts in aggregate demand will not change aggregate output.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If the price of wine increases, the quantity purchased will increase. Is this a positive or a normative economic statement? Explain your answer.


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leannegxo

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

True

Answer to Question 2

Since it is a testable proposition, it is a positive economic statement. The statement need not be true, only testable.


big1devin

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Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

kusterl

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

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