Author Question: Refer to Figure 15-12. If this industry was organized as a perfectly competitive industry, the ... (Read 96 times)

jasdeep_brar · **on:** Jun 29, 2018

Refer to Figure 15-12. If this industry was organized as a perfectly competitive industry, the market output and market price would be

A) output = 83; price = 22. B) output = 62; price = 18.
C) output = 62; price = 24. D) output = 104; price = 20.80.

Question 2

Because of the slope of the aggregate demand curve, we can say that

A) a decrease in the price level leads to a lower level of real GDP demanded.
B) an increase in the price level leads to a higher level of real GDP demanded.
C) a decrease in the price level leads to a higher level of real GDP demanded.
D) an increase in the price level leads to no change in the level of real GDP demanded.