In the long run, what determines the level of output
a. SRAS
b. AD
c. LAS
d. Trump
Ans: a. SRAS
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A patent is used to
a. disseminate information. b. offset the negative effects of taxes. c. protect inventors for as long as they live. d. assign property rights.
The national income spending identity can be expressed as:
A. M + V = C + I + G + NX. B. M = Y + C + I + G + NX. C. Y = M + V + P. D. Y = C + I + G + NX.
How did production improvements like an assembly line help the market of Model T cars?
A. Price of the Model T increased and quantity produced decreased B. Price of the Model T increased and quantity produced increased C. Price of the Model T decreased and quantity produced decreased D. Price of the Model T decreased and quantity produced increased
Use the following graph showing the average total cost curve for a perfectly competitive firm to answer the next question.
At the long-run equilibrium level of output, this firm's profit
A. is $400. B. is zero. C. is $200. D. cannot be determined from the information provided.