Which of the following will NOT lead to a rightward shift of the long-run aggregate supply curve?
A. increase in capital
B. increase in labor
C. increase in labor productivity
D. increase in aggregate spending
Answer: D
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In its long-run equilibrium, a firm in monopolistic competition
A) makes zero economic profit and operates with excess capacity. B) makes zero economic profit and produces above capacity output. C) makes a positive economic profit and operates with excess capacity. D) makes a positive economic profit and produces above capacity output.
Over the last three decades in the United States, services have become a smaller fraction of GDP relative to goods
Indicate whether the statement is true or false
Why have health care costs risen so much in recent years?
What will be an ideal response?
Economic regulation occurs when:
a. monopoly is the optimal market structure b. the industry is highly competitive c. the product is important to economic welfare d. the government owns the assets of the industry e. the product price, if left unregulated, would be too low