In the above table, the marginal revenue from the fourth unit of output is
A) $30.
B) $147.
C) $150.
D) $180.
A
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The calculation of potential output in the United States has been complicated recently by problems in
a. calculating unemployment. b. distinguishing real from nominal income. c. calculating a high-employment, or long-run average, level unemployment rate. d. measuring depreciation and, therefore, net national product.
If a business decreased the price of its product from $10 to $9 when demand was price inelastic, then total revenues would:
A. be perfectly inelastic. B. remain unchanged. C. decrease. D. increase.