Which of the four time horizons is most likely to represent the firm's long-run supply curve?
a. Horizon A
b. Horizon B
c. Horizon C
d. Horizon D
Answer: a. Horizon A
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Market equilibrium occurs where the quantity supplied is equal to the quantity demanded
Indicate whether the statement is true or false
C = 4,000 + 0.5y
I = 1,500 G =2,250 NX = -150 Given the equations for C, I, G, and NX above, what is the equilibrium level of GDP (Y)?
The central institution through which a laissez-faire system answers the basic economic questions is the
A. tribal council. B. market. C. government. D. central planning body.
Which of the following refers to the capture hypothesis of regulation?
A) the ability of the government to capture monopoly profits B) the control of regulatory agencies by firms in an industry C) consumer cost savings captured through regulation D) horizontal mergers