Economics: Principles and Applications

aggregate expenditure airlines ATC curve average bank benefits billion bonds budget line buyers causes chapter classical model concerts consumer consumption spending curve shifts decrease demand curve dollars earn economic profit economists effect elasticity employment equilibrium GDP example Figure firm firm's graph growth higher households human capital income increase indifference curve inflation inputs interest rate investment spending labor demand curve labor market labor supply curve leftward level of output long run lower LRATC macroeconomics maple syrup marginal cost marginal revenue marginal utility money supply monopolistic competition monopoly monopsony oligopoly opportunity cost output level panel payment percent perfectly competitive price discrimination price level produce quantity demanded quantity supplied real GDP reserves rise sell sellers shift rightward short run slope supply curve Suppose Table total revenue trade trillion United variable wage rate workers