Answer: Inelastic demand
Explanation:
When new restaurants have opened in College town in recent years, the supply for restaurant meals increase. This will lead to a rightward shift in the supply curve for restaurant meals leading to a fall in the price and an increase in the quantity. The fall in price will be larger the more inelastic demand is. When demand is more elastic then a fall in price will be less when supply increases.
A witness testimony would be direct evidence. Hope you found that helpful :)
Answer:
1. Actual Price
2. Misperceptions theory.
Explanation:
In the short run, the quantity of output that firms supply can deviate from the natural level of output if the ACTUAL PRICE level in the economy deviates from the expected price level. Several theories explain how this might happen.
For example, the MISPERCEPTIONS THEORY asserts that output prices adjust more quickly to changes in the price level than wages do, in part because of long-term wage contracts. Suppose a firm signs a contract agreeing to pay its workers $15 per hour for the next year, based on an expected price level of 100 Year.
The above explanations is the reason why the aggregate supply curve slopes upward in the short run
Answer:
I used an excel spreadsheet since there is not enough room here.
Explanation:
Marx would most likely support A, government ownership of most production
