The aim of the study of macroeconomics is to examine
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the behavior of factors affecting the economy.
question
This is a graph showing price and total output in the short and long run.
According to this graph, how does supply behave in the short run and long run?
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Output reacts differently.
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Which best describes the purpose served by economic models within an economic system?
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Models identify patterns.
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In macroeconomics, the economy can best be understood through the use of
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models.
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What area of economics focuses on the interactions between individual consumers and producers?
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microeconomics
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The circular flow model examines interactions between which two groups?
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households and firms
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In microeconomics, what occurs when equilibrium is reached?
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Prices are set.
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Which best describes what occurs in the product market?
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the exchange of goods and services for money
question
This is a graph showing price and total output in the short and long run.
According to this graph, how does supply behave in the long run?
answer
Output remains constant.
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