There is a distinction between the long-run aggregate supply (LRAS) curve and the short-run aggregate supply (SRAS) curve. In the long run
A) the aggregate supply curve is horizontal, while in the short run it is upward sloping.
B) all adjustments to changes in the price level have been made, but in the short run all changes in the price level do not occur.
C) technology is fixed, but not in the short run.
D) the price level is constant in the long run, but fluctuates in the short run.
B
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Refer to the above table. What does the marginal revenue product equal when 26 workers are hired a week?
A) $8.50 B) $26 C) $221 D) $1190
The long-run equilibrium level of RGDP only changes when the LRAS shifts
a. True b. False Indicate whether the statement is true or false
Land is a resource category that includes timber growing on the land
Indicate whether the statement is true or false
You observe that at your current production of rutabaga, the average total cost of producing rutabaga is $1 and the marginal cost of producing rutabaga is $2. What should always happen if you increase rutabaga production?
A. Marginal cost will fall. B. Average total cost will rise. C. Average total cost will fall. D. Both Marginal cost will fall and Average total cost will rise are correct.