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Oil Price Shocks
Both the long-run aggregate supply curve and the short-run aggregate supply curve shift in response to changes in the availability of labor or capital or to changes in technology and productivity. A widespread temporary change in the prices of factors of production, however, can cause a shift in the short-run aggregate supply curve without affecting the long-run aggregate supply curve.
Suppose there is a temporary but significant increase in oil prices in an economy with an upward-sloping Short-Run Aggregate Supply (SRAS) curve. If policymakers wish to prevent the equilibrium price level from changing in response to the oil price increase, should they increase or decrease the quantity of money in circulation? Why?
Suppose that the government decides to tax potato chip producers for every bag of chips sold. Before the tax, 100 million bags of potato chips were sold every year at a price of $3 per bag. What is the amount of the tax per bag of potato chips? What ..
Appalachian Coal Mining should minimize net cost by choosing that level of pollution
verify the excess burden can also be calculated using this formula.
Describe who bears relatively more of the burden of the tax, producers or consumers and illustrate your answer with a diagram.
Could you please explain why long run supply curve can be downward sloping and implication for behaviours of price as demand increases over long run.
Suppose an economy is in long-run equilibrium. The central bank raises the money supply by 5 percent. Use your diagram to show what happens to output and the price level as the economy moves from the initial to the new short-run equilibrium. What cau..
A price floor reduces the amount of a product that consumers buy because it keeps the price above the competitive equilibrium of market.
Describe the equilibrium price and quantity. What is the surplus of consumers and the welfare.
The true cost of monopoly power to society is attributable to: Natural monopolies are distinguished by. Price discrimination:
Why is it often difficult to develop a realistic analysis?
Both the buyers and sellers of good x, and the distribution of the benefits will be dependent on the elasticity of demand and the elasticity of supply.
Shift the curve in the subsequent graph to show the effects of such a training program.
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