If the firm were a perfect competitor in the long run, how much would its output be?
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
An increase in price results in increase in supply but not an increase in the quantity supplied
Indicate whether the statement is true or false
Which of the following statements is correct?
a. The human-capital theory of education could be called a productivity-enhancing theory. b. The human-capital theory of education could be called a productivity-revealing theory. c. The signaling theory of education could be called a productivity-enhancing theory. d. The signaling theory of education has been disproven by a number of prominent economists.
Refer to Figure 8.9. This farmer's profit-maximizing level of output is __________ units of output. A) 100 B) 350 C) 500 D) 700