n long-run macroeconomic equilibrium,
What will be an ideal response?
real GDP equals potential GDP
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A firm can be the sole supplier of a good and is still not a monopolist if
A) the firm is not large. B) the good produced is not important to the economy. C) the firm is not making excessive profits. D) there are very close substitutes for the good.
Which of the following will not cause a shift in the demand for resource X?
A. an increase in the productivity of resource X B. a decrease in the price of substitute resource Y C. an increase in the price of the product resource X is producing D. a decline in the price of resource X
A firm that has declining marginal output would be experiencing __________.
Fill in the blank(s) with the appropriate word(s).
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward