the long-run aggregate supply curve shows the
What will be an ideal response?
full-employment level of real GDP.
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Why is the profitability of firms under perfect competition different when they have non-identical cost structures in comparison to identical cost structures?
What will be an ideal response?
____ yields the same results as the theory of perfect competition, but requires substantially fewer assumptions than the perfectly competitive model
a. Baumol's sales maximization hypothesis b. The Pareto optimality condition c. The Cournot model d. The theory of contestable markets e. none of the above
If both market demand and supply decrease simultaneously, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. increase; increase b. indeterminate; decrease c. decrease; indeterminate d. decrease; decrease
Which of the following is likely to have the most price inelastic demand?
a. white chocolate chip with macadamia nut cookies b. hardback novels c. salt d. box seats at a major league baseball game