Other Things the Same,the Aggregate Quantity of Output Supplied Will

question 73

Multiple Choice

Other things the same,the aggregate quantity of output supplied will increase if the price level

• A)is lower than expected so that firms believe the relative price of their output has increased.
• B)is lower than expected so that firms believe the relative price of their output has decreased.
• C)is higher than expected so that firms believe the relative price of their output has increased.
• D)is higher than expected so that firms believe the relative price of their output has decreased.

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Definitions:

Marginal Utilities

The incremental satisfaction or utility obtained through the consumption of an extra unit of a product or service.

Hard Candies

A type of confectionery that is based on sugar and other sweeteners, hardened into a solid mass.

Taste and Preference

The subjective individual factors that influence consumers' decisions to purchase or not purchase a product or service.

Marginal Utility

Extra pleasure or advantage gained by consuming one more unit of a good or service.