FIGURE 23-3 -Refer to Figure 23-3.Which of the Following Statements Best Describes

question 103

Multiple Choice

FIGURE 23-3
-Refer to Figure 23-3.Which of the following statements best describes the supply side of Economy A in its current equilibrium position?

• A)Unit costs are rising,but firms can produce more output by employing standby capacity and overtime labour,for example,with no increase in the price level.
• B)Firms are producing well below their capacity and are willing to produce more only if prices rise.
• C)Unit costs are rising rapidly as firms are producing beyond their capacity.Firms will produce more only if prices increase.
• D)Firms are producing well below their capacity and are willing to produce more output with no increase in price.
• E)Unit costs are rising,but firms are able to produce more output because there is excess capacity in the economy.

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Definitions:

Geographic Regions

Specific areas or locations defined by natural or artificial boundaries, often characterized by specific climatic conditions, topography, or cultural attributes.

Specific Numbers

Exact figures or quantities that are mentioned or used to quantify something.

Infographic

An infographic is a visual representation of information or data, often incorporating charts, diagrams, and illustrations to make complex information easily understandable.

Gantt Chart

A visual tool in project management used to represent the timing of tasks required to complete a project, showing start and finish dates in a horizontal bar chart format.