The long-run aggregate supply curve is influenced by the price level
Indicate whether the statement is true or false
FALSE
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To protect the environment, governments in the United States have mainly used
a. legally enforceable direct controls on pollution. b. taxes on goods whose production creates pollution. c. direct taxes on emissions. d. discretionary guidelines suggested to polluting firms.
If an investment project costing $2,800 was expected to yield $1,000 (to be received at year end) for each of the next three years, a profit-maximizing entrepreneur would
a. definitely undertake the project. b. never undertake the project. c. undertake the project if the interest rate was low enough. d. undertake the project if the interest rate exceeded 12 percent.
Refer to the figure below. The socially optimal quantity in this market could be achieved by imposing a ________ equal to the vertical distance ________.
A. tax; LM B. subsidy; LM C. tax; LN D. subsidy; LN
The smallest size at which long-run average cost is at its lowest level is called
A. the minimum efficient scale. B. economies of scale. C. the maximum efficient scale. D. diseconomies of scale.