In the macroeconomic long run,
What will be an ideal response?
real GDP = potential GDP.
the economy is at full employment.
regardless of the price level, the economy is producing at
potential GDP.
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Refer to Figure 9.4. In the short run, how much should the firm produce at the price P3?
A. 0
B. Q1
C. Q2
D. Q3
While veterans' benefits appear as part of other categories of federal expenditures, they include
a. disability and survivors' compensation, education, and medical care b. education and food stamps c. net interest and medical care d. SSI and medical care e. education and housing
Refer to the accompanying figures. If Mallory and Rick are the only two consumers in this market and the price of soda is $0.75 per can, then what will be the market demand for soda each month?
A. 70 B. 50 C. 20 D. 30
Refer to the diagram. A decrease in demand is depicted by a:
A. move from point x to point y.
B. shift from D 1 to D 2 .
C. shift from D 2 to D 1 .
D. move from point y to point x.